Apples and Oranges

I just received my April 2007 issue of Architectural Digest. On Page 140 of my issue (South Florida) there is a picture of a current listing of a Key West water view home priced at $5.995 million. The house was featured in AD in October 2001.

I mention this property because it is referenced in a paid advertising section disguised as an "Editorial Feature" of fine estates around the world. Realtors pay a fee to show their listings in this section. Nothing wrong with it. But the way it is presented is misleading in my opinion.

Other fine homes and estates are similarly featured each month. So the reader can do some comparison shopping in various price ranges around the globe. Other magazines have similar features and I think it is very interesting to compare what you can buck can buy in Key West as opposed to some other destination.

I will bet you dollars to donuts that you could almost buy an entire town in some area of Alabama for $5.995 million. But then who would want that? You may be able to buy tony townhouse in Manhattan for the price, but the price you pay to live in Manhattan is more dear considering all the people and all the pressure.

CLICK HERE to see a similarly priced home in Palm Springs, California. And CLICH HERE to see the Key West home in the current issue of Architectural Digest. Or CLICK HERE to do your own search of all Key West homes.

For the life of me I can't imagine why anyone would want to live in Manhattan, Alabama, of the desert. But I can give you tons of reasons why you should consider living in Key West.

One final point of note: something is going on in town. All of a sudden there is a flourish of real estate activity in Key West. There are 24 days left of prime selling time before the serious buyers go away until next season. The number of price reductions on existing listings has picked up. Sellers are getting serious about setting rational asking prices. And some buyers are responding by writing contracts. Properties in all price ranges are going under contract each day. The number of of listings still exceeds the demand, but the good news is that some properties are starting to sell.