Recently "Solds" in Old Town

I thought it would be interesting to compare the prices on the highest and lowest "solds" in Old Town Key West since May 1st. There were only five single family sales.

The two I am reporting on are at 1121 Petronia which is a 960 sq. ft. 2 bed, 2 bath wood frame home located one block east of the cemetery. It was "redone" a couple of years ago and has a pool. (The remodel was poorly executed and cheap in my personal opinion. Lots of work yet to be done.) The neighborhood is mixed of single family, apartments, and light commercial on White Street. The house listed at $699,000 and sold for $660,000 or $687.50 per sq. ft. The sellers bought the house in August 2004 and paid $699,000. Seller had to pay a 6% real estate commission (-39,600) and I am assuming seller's title transfer fees and closing costs. So the final net to the seller $605,000 or a $94,000 loss. Give or take.

The second property is located at 520 Emma Street in the exclusive Truman Annex. It is a single family home built in 1995 with 1914 sq. ft. of living space and private pool. The home has 3 bedrooms and 3 full baths on a private 3444 sq. ft. lot. The home has all the bells and whistles! The home was listed at $2,185,000 and sold for
$1,895,000 or $990.07 per sq. ft. and was on the market 40 days. The sellers bought the house in January 2000 and paid $749,000.

I think the buyer of 1121 paid a lot of money for that little house. It needs a lot of work and the location is not the best--it is really close to a very smelly Cuban restaurant. But I think the buyer of the Truman Annex house got a good deal. The house sold near the top end based on price per square foot in today's slow market. When the market rebounds,that price will be every bit as good as the price the seller paid for it in 2000. Mark my words.

CLICK HERE for more details and photos on both properties.

There are lots of homes and condos on the market in Key West. Some are good, some are really bad, and some are bargains, and some are properties that you should not even consider. CLICK HERE to search for the type of property that you are interested in purchasing, and then give me a call so that I can help you find your new home in Paradise.