1015 Eaton Street - Short Sale - Old Town - Key West

Town is starting to come alive. More folks are arriving for Christmas. Some people will stay the season-all the way through Easter. Truman Avenue is getting clogged. The day after Christmas Truman becomes a nightmare. That is the tell-tale sign "They're Back!".

Every year people come to Key West and let their imaginations run wild. They imagine what it would be like to live here full time. Or maybe just during the winter when everyone up north in America is freezing the behinds off. The conger up visions of having their morning coffee by the pool, or walking the dog down the quaint streets filled with palm trees and greenery everywhere. Some may think of all the fishing they could do anytime they want. Others fancy being able to walk to their favorite watering hole on Duval (there are so many, you know). And even though Key West is not known for its beaches, many relish the idea of being able to ride their to Ft. Zachary Taylor Beach and just while away the afternoon as they get that golden Key West tan.

What all those people imagine what life in Key West would be like are not off base. It is really amazing how easy life is for so many people on this little island. It's almost as if half of the population over 40 does not work. And the other half works for the government. Same thing.

Seriously, life in Key West is really very comfortable most of the time. It gets hectic when the tourists arrive and you can no longer just walk into Michael's or Antonia's and get a table. Reservations become required, but ties are not.

Preferred Properties has a larger than normal classic eyebrow house located at 1015 Eaton Street that is offered as a short sale. The house has four bedrooms, three bath, a pool, a spa, a recently constructed great room addition where the living, dining and kitchen are located. That room has a vaulted ceiling, a fireplace, and a large set of doors that all open to the pool and deck at the rear. The house has Dade County Pine throughout. CLICK HERE to see the mls listing info on this house and to view more photos.

1015 Eaton Street was built in 1895. It has 1738 sq ft of living space and is offered at $995,000 or $573 per sq ft. It is a short sale. I think the actual sales price will be much lower. But who knows. I have no inside knowledge as to this house. But I write about this house because it has so much to offer and if it gets purchased at the right price, the new owner is going to feel that he or she or they got a great house at a good price.

If you are coming to Key West and want to fulfill your dream and buy a place in Paradise, please call me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc in Key West, Florida. I think I still have a winter coat. Somewhere.

A Key West Home for the Holidays and later as well...

The Christmas House Wish List usually consists of the following:

1. Priced at $500,000 or less.
2. Good Old Town Location.
3. At least two bedrooms and two baths.
4. Pool or room for a pool.
5. Off street parking.
6. In good condition or that only needs a little work.
7. Key West charming.
8. Transient license or ability to rent occasionally.

There are a ton of potential buyers waiting to find a place with all of those qualities. You would be surprised at how many buyers either have the cash to complete such a purchase or the ability to finance a purchase. The problem is not finding ready, willing, and able buyers, dear reader. The problem is finding properties that meet all the criteria.

CLICK HERE to view a list of the currently active houses priced between $366,000 to $566,000 that have at least two bedrooms and two baths in the Old Town area. Take your time and click the individual properties to see what they offer and if you are unfamiliar with the street address, click the MAP so you can see where the houses are located because that would directly effect how successfully the house might be used as a vacation rental.

The property at 610 Olivia Street just came back on the market. I wrote about it here before and I have shown it several times. This is not my listing nor my company's listing. But I think this is a property that meets all of the criteria I listed above.

The house is presently "divided" in two. The right side of the house is used by the owner. It is bright and clean and set as a one bedroom get-away Key West cottage. The left side, which the listing Realtor refers to as a "mother-in-law-suite" is the flip of the other side except the kitchen and flooring don't show as nicely. My recollection is that the house has a newer addition at the rear, new piers, a new v-crimp roof, and a bricked patio. There is off street parking. The house is located about 100 feet east of Simonton Street.

The house (or compound) directly east of 610 Olivia Street is going to be one of the most expensive places in Key West. Most of the houses across the street are part of the Paradise Inn compound. (See photo below.) Those houses look like the idealized version of a Key West street (ala Wisteria Lane on Desperate Housewives). Seven Fish Restaurant is located down at the end of the block at the corner of Elizabeth and Olivia Streets. Olivia Street is a one-way street that is mostly used by locals. It is a two minute walk to Duval or up to Truman and Simonton where you can find CVS Pharmacy or Pisces Restaurant (you'll drop some major money there). I think 610 Olivia Street has an ideal location as a monthly vacation rental property.

These are two of the houses directly across the street from 610 Olivia Street which I liken to
Wisteria Lane because everything is just about perfect from the outside looking in.

The fly in the ointment for 610 Olivia Street is the neighbor next door to the west and rear. The same family owns the adjacent both properties. The business sells cleaning and paper supplies to hotels, restaurants, pool service contractors, and the public. The business operates Monday through Saturday until about 5:00 PM. Then it is closed until the next Monday. There is also a big transmission tower located on those grounds of the adjacent property. The property is always well maintained but the looks spoil the view for some.

The compound at 612-616 Olivia Street shares the same neighbor to the rear. (Those properties were purchased 1n 2007 for $4.8 million.) Some nice tall landscaping minimalized the imperfect neigbhor to the rear. But the neighbors did not defere the new owner from spending even more money to take advantage of a terrific property at a terrific Old Town location.

610 Olivia Street is the yellow house immediately to the right of the extensive renovation.

This is all one property which is being made into a mega-million single family home and guesthouse.

I think it would be relatively easy to re-configure 610 Olivia Street back into a true single family home. I would create a new main entrance toward the rear where I would relocate the liviing room and kitchen. The existing front doors and front porch would remain and would become porches off the bedrooms where one could watch the world walk by. The existing interior wall that divides the units would become an internal wallto separate equally sized bedroom suites. There is plenty of room for a good sized pool at the rear. The off street parking already exists. I would add some palms and tropical plants to jazz up the facade and to obscure the view of the neighbor to the rear and west.

CLICK HERE to read more info and view photos of 610 Olivia Street that is now priced at $550,000 or $500 per sq ft.

If you are among the many potential buyers who dream of owning a nice place in Key West for under $500,000, please call me, Gary Thomas, 305-766-2642. Let's schedule a visit to checkout 610 Olivia Street and some of the other houses in the same price range. Make no mistake about it, however, there are a lot of potential buyers that all want the same type of property. As the supply of available properties gets sold off, look for prices to start to rise. Better yet, let's write an offer on 610 Olivia Street so that next year you will have Home for the Holidays in Key West.

CLICK HERE to do your own search of the Key West Association of Realtors mls website.

The Bank Grinch Who Stole Christmas

"Every Who down in Whoville liked Christmas a lot, but the Grinch, who lived just north of Whoville - did not. The Grinch hated Christmas - the whole Christmas season. Now, please don't ask why; no one quite knows the reason. It could be, perhaps, that his shoes were too tight. Or it could be that his head wasn't screwed on just right. But I think that the most likely reason of all may have been that his heart was two sizes too small." From How the Grinch Stole Christmas

In February I began working with a young Key West couple and their young son, who I'll call "O". Back then "O" had just started to take the timid steps of a one year old. Mom and Dad and "O" live on a little boat in Key West and they are hoping to find a modest house that they can afford. I warned the parents not to teach "O" how to climb stairs. But his mom said he had already figured out how to climb the ladder on the boat and work his way onto the deck. She added he had been taking swimming lessons. But getting him onto land was their main concern. Green grass and land, not green eggs and ham.

My buyers have the pre-approval letters from local and national lenders. They have had their attorney review the initial contracts we submitted. When my buyers decided to make an offer on a short sale property, they went back to the attorney just to make sure the forms were correct.

We got several "Seller accepted another offer" phone calls or emails. When a particularly well located, charming, and affordably priced condo recently got listed, my buyers immediately submitted an offer. There were apparently multiple-offers so the bank owner require each potential buyer to submit the best and final offer. We never got any response from the listing agent, but I did see that the mls listing status was changed to "contingent", meaning a contract had been entered into between seller and buyer.

My buyers lost a couple of other properties where the seller requested a "best and final" offer. These were for bank owned properties and I figured my young customers had a good shot at each of the properties. But none of their offers got accepted. Except until last week. Finally, my customers' offer on a nice little Key West condo got accepted. We had arranged for a local lender to fund the purchase and felt reasonably assured the deal would be closed before December 31st. The seller's agent called me a week ago and said my customers got the property.

The seller's agent sent me a detailed email acknowledging the seller (a really Big Bank in Texas) had accepted the offer and stated the buyer must sign an additional standardized contract of sale form drafted by the bank as seller.

I told my customers early on that banks are always the last to sign any contract. Banks do not want to re-negotiate a deal once the deal has been struck or approved. So the bank waits till all details are agreed upon and signed by the buyer before the bank signs.

The listing agent changed the status in Key West Association of Realtors database that same day. He sent me the required bank contract forms for my buyers' signatures. Since the bank contract forms were something "new", my buyers took the contract to their attorney for review. The attorney found a couple of issues that caused some concern for my buyers, but they signed the forms without change. I sent the bank's addendum to the seller's agent last Friday at about 4:15 PM. Later that night I got a phone call followed up by an email from seller's agent advising that there was another "new" form that the bank seller also required. I printed it out and forwarded it to my buyer. They signed it and I returned it to Seller's agent very early Sunday morning.

Late Monday afternoon I got a phone call from seller's agent who told me the Seller (the really Big Bank in Texas) had decided to accept a lower priced all cash offer instead of my buyers' offer which it previously accepted. The seller's agent apologized and said the bank asset manager said since the bank had not signed my buyers's contract it was free to accept another offer.

The funny thing is the Seller's agent felt we had a deal because the agent urged me to get the final bank contract forms signed and returned within 48 hours of the bank's acceptance. We did that. So we had (1) a phone call advising my buyers' offer was accepted, 2) an email confirming that my buyers' offer was accepted, and (3) the Seller's agent changed the status in the mls. But the guy at the Big Bank in Texas, just north of Whoville and way far away from Key West, did not see it that way.

Just who is this Texas Grinch and how can he spoil little "O's" Christmas by taking away his house? Well, Dr. Seuss probably got it right when he wrote "Now, please don't ask why; no one quite knows the reason. It could be, perhaps, that his shoes were too tight. Or it could be that his head wasn't screwed on just right. But I think that the most likely reason of all may have been that his heart was two sizes too small."

I guess the bank asset manger at the Big Bank in Texas doesn't subscribe to the Horton the Elephant's School of Ethics

"I meant what I said, and I said what I meant.
An elephant's faithful, one hundred percent."

Little "O" is not going to get his new house for Christmas this year!


But we will eventually succeed.
Yes we will indeed! (98 and 3/4 percent guaranteed)!

808 Shavers Lane - Old Town - Key West

808 Shavers Lane is another one of those "just listed" posts I having been writing of late. The potential sellers are getting geared for selling season and that starts in earnest the day after Christmas. This is how the listing Realtor describes this home that was built (not renovated) in 1999:

"Shavers Lane is about as central to the Duval corridor as a property can be. The lane runs one block and separates the Bourbon Street Complexes and Hemingway's Home/Key West Lighthouse. The property is a newer home for Oldtown and features the classic three bay Conch revival look. Originally a three bedroom home, the owner has removed a wall between guest rooms for a second master suite and will replace the wall for a Buyer if necessary. There are two off street parking spaces with a brick drive, an elevated deck and pool are in the back for smooth flow from the home, and the home has covered porches up and down both in the front and the back. The home was upgraded from the sister homes on each side with tall ceilings."

CLICK HERE to read the details on this house. As of writing this there are not any interior photos so I borrowed a couple of older photos that show the house when it was previously listed. Those photos may or may not depict the house as it looks today. PHOTO #1 shows the living room and kitchen and PHOTO #2 shows the pool. 808 Shavers lane is offered at $749,000 or $535 per sq ft for a 1400 sq ft two story home in Old Town with a pool and bricked off-street parking.

Shavers Lane is one of those locations you forget about. Not in a bad way, but in a good way. There is absolutely no reason for any Conch Train to try to go down the lane because it couldn't make the turn and the train is about as long as the lane. Besides nothing of importance ever happened there. Tourists won't be riding down the lane beeping their damned horns because the lane doesn't go anywhere they want to go. Just below is a photo of the house across the street. This lane has got some very attractive houses.


It is an easy one minute walk to Bourbon Street Pub or the 801 Bar. (Have you ever wondered why so many drag queens are seven feet tall?) Blue Heaven is a 60 second walk and Santiago's Bodega is a 90 second walk. South Beach can be reached in about five minutes and Ft Zachary Taylor Beach is a ten minute walk or five minute bike ride. The location is close to a lot of places residents and tourists love about Key West. You will hear some noise from the Bourbon Street Complex on occasion. If you are gay that noise could be viewed as revelry to get on down to the pub. To others, it could be a distraction.

I think this property will appeal to someone who wants to be near the action on Duval Street and who likes the nightlife Old Town has to offer. If you are that buyer, please call me, Gary Thomas, 305-766-2642, to arrange a showing. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Harbour Place Condominium - Key West

If you are reading my blog, you are probably a baby boomer. Maybe you weathered the financial storms and are looking for that special place, perhaps a condo like Unit No. 313 at Harbour Place at Truman Annex in Key West. When you step onto your private balcony and overlook the boardwalk and then view the private yachts and giant ships and Sunset Key and the smaller keys beyond, you will know you came out just fine. Harbour Place is Key West's most prestigious building, the former U.S. Naval Headquarters at Truman Annex. Your friends will be green with envy.


The listing Realtor describes this property thus:

"Spectacular Truman Annex waterfront penthouse with amazing open water views and transient rental license. You'll fall in love with this open and spacious 2BD, 2.5BA brilliant condo with panoramic water views. Beautiful end unit features extra windows & glass doors throughout, spacious bedrooms, gourmet kitchen with new appliances, copper backsplash & granite counters, tile floors, new a/c, TWO parking spaces in the covered garage, 24 hour security & waterfront pool complex. Relax on your huge entertaining balcony & enjoy beautiful Key West sunsets. Walk to all Old Town attractions on famous Duval Street."

Unit No. 313 is priced at $1,750,000 or $1,080 per sq ft for this 1620 sq ft luxury residence. CLICK HERE to read more about the unit and to view photos. A retired Navy officer once told me that the United States Navy always, always takes the very best waterfront property for itself. There are some really nice condos for sale in Key West right now and a lot of them are priced at incredibly low prices. Unit No. 313 may seem that it is priced incredibly high. The views and the location are un-paralled in Key West. People from all over the world come to Key West and just about everyone makes the pilgrimage to see sunset at Mallory Square which is a stone's throw to the right of Harbour Place. Most of those pilgrims just fall in love with the sunsets and the easy living in Key West. The new owner of Unit No. 313 will get to see those incredible sunsets every day. And the rest of the living is easy.

If you are looking for a place in Key West, please consider contacting me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties in Key West Florida. Let me help you find your place in Paradise.

Price Fights

Probably the best Christmas movie ever made was "A Christmas Story" based on a book by Jean Sheperd. I grew up during the Fabulous Fifties and really relate to many of the sub-plots. One of the best sub plots was when Richie finally had enough of getting beat up by Scot Furkus and his midget friend. Richie became immortalized when he took on the red headed fur brained bad boy and whipped his ass. I'll bet there isn't a guy who saw that move that did not cheer for Richie as he made the bigger boy cry for mercy.

Buying real estate isn't quite that rough. Sometimes it may seem like it is.

530 Grinnell Street is priced at just $475,000. CLICK HERE to see this cute cottage on one of the best blocks in Old Town.

719 Whitmarsh Lane CLICK HERE is priced at $599,000. It is located on a quiet little lane two blocks off Duval. It has a valuable Transient License and stays rented. Showings are difficult because owner will not allow guests to be disturbed. This could be a money maker for someone who wants income.

826 Eaton Street CLICK HERE is offered at $599,000. It has two bedrooms plus a loft and a pool. But there is no off street parking. This property is a short sale.

1011 Front Street #9 CLICK HERE is an already BANK APPROVED SHORT SALE at the pre-approved price of $600,000. This three story townhome at The Foundry in Truman Annex has a valuable Transient Rental License with advance bookings that will transfer to the buyer. This place has parking, a pool, and a great location.

407 Catherine Street sits one half block off upper Duval Street near the world famous La Te Da. It is a three block walk to South Beach and the Sourthernmost Point. CLICK HERE for more info on this two bedroom house with private pool priced at $595,000.

617 Frances Street CLICK HERE will likely be under contract within a couple of days. It is offered at $549,000. It is a new listing and it is being shown several times each day. The house had Dade County Pine walls,ceilings and floors and it sits on one of the best blocks in Key West. A couple of the most expensive houses in Key West are only a couple of doors away. This is one of those houses buyers ask me to help them find. It might be the worst house on the best block. I'm not saying it is bad. It needs updated. It will be worth a fortune when a pool is added and the house is renovated.

720 Passover Lane CLICK HERE doesn't need anything done. What a beauty this two bedroom cottage is. This cottage is priced at $595,000.

CLICK HERE to search the real Key West Association of Realtor s MLS website. I picked what I consider to be the best of the houses in the $450,000 to $600,000 price range. We are approaching the pre-Christmas buying lull when potential buyers are fight the crowds at the malls up north. I think this is a great time for would-be buyers to create their own Christmas Story by tackling the sellers in a price fight. Who knows you might be like Richie and kick the big guy's behind.

If you are looking to purchase a place in Key West please call me, Gary Thomas, 305-766-2642 or contact me by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West Florida. I like it when the little guy wins!

530 Grinnell Street - Key West Cottage with the Character Thing

530 Grinnell Street is located just to the right of the decorated white picket fence.

The Perfect Couple for the Quintessential Key West Cottage reading the Key West Citizen

Just listed, but not by me, is 530 Grinnell Street - another Quintessential Key West Cottage. But this place is priced within the budget goal of many would-be second home buyers. The asking price: $475,000 or $600 per sq ft. The listing Realtor describes this property this way:

"A delightful cottage on one of Key West's prettiest streets in the very heart of Old Town. This cottage is a triple saw-tooth roofed, board-&-batten frame, with vaulted ceilings in all the rooms, from the living room through the dining room to the kitchen. The spacious bathroom has a laundry closet. Accent wall in the living room of Dade County pine and a stained glass window in the dining room. There's a mango tree in the back yard and the front porch invites one to have a relaxing sit to watch the world go by."

The cottage meets most of the needs of prospective purchasers that are looking for a nice house in a good Old Town location at an affordable price. It has that character thing going on for sure! CLICK HERE to see 530 Grinnell Street as it appeared in the 1960s. It looks the same today. It has two bedrooms and one bathroom. The cottage is 792 sq ft of living space and sits on a 1500 sq ft lot. There is a wood deck in the rear but there is not room for a pool. CLICK HERE to see more of the mls listing information and to view photos of the inside and exterior.


530 Grinnell Street is located between Fleming Street at the north and Southard Street at the south. Five Brothers CLICK HERE is located at the corner of Southard and Grinnell. Azur Restaurant CLICK HERE is located at the corner of Fleming and Grinnell. The Historic Key West Seaport is a five minute walk from the house. Cafe Sole, Michael's Restaurant, and Mangia Mangia are a block away. Duval Street is a five minute walk to the west.

I have not been inside 530 Grinnell Street but I was inside the house next door a few years ago during an Old Island house tour many years ago. I was just awed by that house. It is pretty much the same construction, size, and vintage as 530 Grinnell Street. The owner is designer Michael Pelkey. Every square foot inside and outside was a delight to see. CLICK HERE to see the front porch of his cottage which is also the cover photo on the book Key West A Tropical Lifestyle by Leslie Linsley with photographs by Terry Pommet. I think a lot of buyers have difficulty in visualizing how to create and live in small spaces. Perhaps buying the book or better yet engaging a talent like the incredible Mr. Pelkey would serve one well. (CLICK HERE to read more about Michael Pelkey.)

I think 530 Grinnell Street is priced to sell. It is in that magic price range that so many buyers feel is within their budget. I have an idea to overcome the lack of space to build a pool: make friends with a neighbor. Please call me, Gary Thomas, 305-76-2642 to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

8 Nassau Lane - Old Town - Key West - No Need to Look Further

A few years ago I had floor duty and some walk-in customers came in and wanted to look at small homes in Old Town. I showed them several houses on the computer and said there was a new listing on Nassau Lane. I called the listing agent and we drove over to see it. Nassau Lane is located just off Fleming Street between Grinnell and and Frances Streets. It is a one block long lane that dead ends perhaps 150 feet from Fleming. I parked on Fleming and we walked down the lane. As we approached the house the lady said "Gary, I love it. I want to buy it!" I said you haven't even seen the inside. She re-iterated she wanted to buy it. We had a signed contract (both sides) in about two hours time. We became friends and see each other occasionally for dinner. Last year I was walking another couple down that same lane when the couple that bought the house came outside. She came up and gave me a big hug and told my buyers that they love their house and Nassau Lane. I made a remark about only looking at one house and she said the house and the lane are what she had dreamed of. There was no reason to look further.

Just listed, but again not by me, 8 Nassau Lane. This beautiful 2083 sq ft home was just built in 2006. This is new construction and not a remodel. The listing Realtor describes 8 Nassau Lane this way:

"Hidden away on a quiet lane in Old Town is this recently built home in the style of Key West Conch architecture. The front porch features the classic 3 bays and opens into a wide gallery entry with an open custom designed staircase with cable railing. At the rear of the home is an expansive great room with a beamed 22 foot ceiling, maple floors, custom cabinetry and a well designed kitchen. This spectacular room opens to the landscaped yard with pool and spa. The master suite is on the main level while two guest suites occupy the second. Both levels are clean, crisp and light-filled. This contemporary take on a classic has been designed for low maintenance, carefree living with GE Smart Sense wiring and wind resistant doors and windows."

There is nothing for me to say except the price: $1,995,000 or $958 per sq ft. CLICK HERE to see more detailed info on this home and view some great photos of the interior and pool. And CLICK HERE to see an aerial perspective of 8 Nassau Lane.

If you are looking for a superior Key West home in a great and quiet location, please consider looking at 8 Nassau Lane with me, Gary Thomas. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West. We are the exclusive Lower Florida Keys affiliate of Christie's Great Estates. Contact me at 305-766-2642 or by email at kw1101v@aol.com. Once you see this home, you may not need to look any further.

1030 Fleming Street - Bank Owned - Key West

This may be the house you have been waiting for. Just listed, but not by me, 1030 Fleming Street t was built circa 1906. It looks a bit rough on the outside. I had a chance to see the inside a couple of years ago and was surprised at how good the inside appeared at that time. The above photos were taken at that time. It seemed to me that a prior owner may have done some extensive renovations without benefit of a building permit.

This property is now Bank Owned. It is offered at the reduced asking price of $589,900 or $234 per sq ft. The Monroe County Appraiser shows this house as having 2517 sq ft of living space that sits on a lot with 56.5' frontage on Fleming Street that is 75' deep (on Frances Street).

The listing Realtor describes 1030 Fleming Street this way:

"Diamond in the Rough......ready for your personal touch. Historic home that has endless possibilities. Inground private pool, some renovations completed on the second floor. Nice corner lot with wraparound porch 1st and 2nd floors. Easy to show-all offers must be accompanied with proof of funds if cash or pre-qualification letter for financing."

To see the MLS listing information and view a few photos of the inside CLICK HERE.

1030 Fleming Street is located at the corners of Fleming and Frances Streets. One of the most beautiful major houses in Key West sits directly across at 1029 Fleming Street CLICK HERE. (That beauty wasn't always as pretty, however. It has been lovingly restored and sits as a n inspiration as to what 1030 Fleming Street might become.) Both Fleming and Frances Streets have any number of beautiful older homes. Some of the nearby homes are large and some are small. But the area is vibrant and highly desirable. This is one of the best fixer houses in a great location currently available. I think this house will sell quickly.

If you are looking for a bank owned fixer upper, this may be the one you have been looking for. Please call me, Gary Thomas, 305-766-2642 to see the inside. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

November 2009 Real Estate Sales in Key West

The Internet has made it possible for ordinary people any place in the world to get all kinds of real time information on real estate listings in Key West. The Key West Association of Realtors has made public access to mls listings available to all for free with no strings attached and no requirement that you provide your email or personal information to any Realtor.

I mention the free access because so many people that come to look for homes have their three ring binders filled with listing sheets and property appraiser records and tax records (also available to the public). Buyers sometimes seem to know more about the listings than the listing Realtors because they have memorized (or at least documented) the details of each property they see. (Some of these buyers must have been honor society students in high school.) I digress.

I think some real estate search engines may extract raw data from the Key West Association of Realtors website or the websites of either the Monroe County Clerk or the Monroe County Appraiser and interpolate that data into something that could be misleading or false. All of a sudden nonsensical "data" can get transformed into real estate gospel. One buyer (with notebook in hand) recently showed me a list of "comparable sales" to a property he wast interested in purchasing. These comp sales were generated by Trulia. I looked at the Trulia generated printout: the sales were not comparable. My buyer wanted to purchase an inexpensive single family home in Old Town. I looked through the list of comparable sales. I was familiar with most by address. As I recall most of the "comps" were not comparable at all. But one in particular stood out. I knew it quite well because I sold it. It was an vacant lot in Casa Marina that sold for $500,000 cash this past summer. Trulia got it wrong: it incorrectly classified the property as single family residential which it was not. Trulia erred in the location. It was only by a mile off.

There were 20 single family homes in Key West in November 2009. Eight of those sales were bank owned homes and three were short sales. There were two notable houses that sold in November. The house at 723 Washington Street in Casa Marina area sold for $1.6 million or $650 per sq ft. The house at 631 Southard Street sold for $1,895,000 or $708 per sq ft. I wrote about that house right after it was listed. The buyer that got that bought 631 Southard Street got a hell of a good deal. In my opinion that house will appreciate significantly in value once the market finishes its correction.

By comparison there were 11 single family homes sales in November 2007. In November 2008 there were 7 single family home sales and 4 of those bank owned properties and 2 were short sales.

November 2009 saw 16 condo and town home sales. Six of the units were bank owned properties and only one was shown as a short sale. Most of the units that did sell are lower priced primary residences and most are located on the eastern end of the island. One Shipyard unit sold for $449,000. A first floor unit at Harbour Place sold in November 2009 for $1,175,000. Shipyard and Harbour Place are both located in Truman Annex.

There were 8 condos and town homes that sold in November 2008. Four of those were bank owned and one was shown as a short sale. The records show there were 8 condos and town homes that sold in November 2007. Four of those were "pre-solds" at Beachside. One condo at a totally different location became a subsequent short sale in 2009. A condo in an Old Town location sold for $926,900 in November 2008 and is back on the market and offered at $749,000. But that unit is not listed as a short sale. Do the math on that one. I did not make a typo.

The number of sales in November 2009 is clearly ahead of the past two years. The area of highest demand is still Old Town and the supply of single family homes in Old Town priced under one million is really small. The same can be said for Casa Marina. There is a large inventory of single family homes priced at $1.8 million or higher. I think there are a lot of houses priced in the $1.15 to $1.3 million range that are ripe for picking by a buyer with cash that can close quickly. The deal of the decade (906 Johnson Street) is under contract. That buyer is the luckiest and smartest buyer in Key West.

If you are looking to purchase your dream home in Key West, please consider working with me, Gary Thomas, 305-766-2642 or contact me by email at kw1101v@aol.com. Use the Internet to help search for your new place in Paradise. But use a good realtor to help you make a good buying decision.