Such a Deal

I have been writing about potential "deals" for some time. Well, here is a deal that just closed.

This particular house was totally renovated about 5 years ago. The seller purchased the property in 2003 for $1,050,000. It is a 1530 sq ft 2 bed / 2 bath home on a very desirable block on Southard Street. The "best" block in my opinion. It has all the bells and whistles that most second home buyers are looking for including pool, off street parking, charm, location, quality construction, and no need for updating.

Why is this property such a deal you ask. It sold for $880,000. The house was originally listed for $1,375,000 in December 2005 and went thru a series of price reductions. The final asking price was $1,025,000. So the sales price per square foot was $575. Depending on the contractor a homeowner selects, renovation cost per square foot easily can go $200 to $350 per foot. Obviously when a seller sells for a price lower than what he purchased the property for there is an underlying reason. This seller's reason for selling is not important, but it is illustrative of what I have been writing. There are bargains out there and the smart buyers are taking advantage of them.

Want to find your own "deal"? CLICK HERE and search the Key West mls and then give me a call at 305-766-2642. Let me help you find your deal in Paradise.