Some statistics for those who like to keep track of what is happening. There were 14 single family home sales in Key West (Key West to Shark Key to be exact) for the month of August. The least expensive home was a 1 bed, 1 bath 735 sq. ft. listed at $429,900 that sold for $417,500. The average home was 3 bedrooms, 2.29 baths with 1,660 sq. ft. listed at $923,329 and that sold for $815,472. The highest priced home was a 4 bed, 4 bath home in Truman Annex with ocean views. It originally was listed at $2,495,000 and was reduced to $1,895,000. It sold for $1,650,000 or $938 per sq. ft.
In August 2006 there were 13 single family sales with the lowest home priced at $450,000 that sold for $395,000 after 31 days on the market. The average home was a 3 bed, 2 bath with 1122 sq. ft that was listed at $743,608 and sold at$685,231. The highest priced home was another Truman Annex plaza located on Admirals Lane. It had 4 beds, 3 baths, 1920 sq. ft. and was originally listed at $2,499,000. It sold for $2,150,000 or $2,120 per sq. ft.
But in 2005 (two months before Hurricane Wilma) there were 21 sales. The least expensive home was a 2 bed 1 bath 756 sq.ft. listed at $599,000 that sold in 9 days for $590,000. The average home was a 3/2 1,874 sq. ft listed at $1,245,424 and that sold for $1,174,831. The most expensive home was a 5 bed,7 bath home on Sunset Key (just off Mallory Square) that was listed for and sold for $2,500,000 after only 27 days on the market. Oh, for the good old days!
In August there were a total of 4 condo sales recorded in Key West with a combined sales price of only $1,772,000. In August 2005 there were 16 condo sales with sales totaling $14,024,612. That is quite a significant drop in sales volume.
I have told prospective buyers for years that the best time to buy a home or condo in Key West is the late summer through October because sales are traditionally slower than other times of the years. Since prices in Key West are down significantly from previous years and since the demand for homes and condos is down, it will be interesting to see how many buyers take advantage of this new buying opportunity.
I was in Homestead, Florida yesterday driving around the wholesale nurseries located there. Lots and lots of nurseries up there. And the funny thing was that at least half of them have a "For Sale" sign posted out front. I asked the guy I was working with why so many of the properties were for sale and he said that many of the properties were purchased with funny money financing that had adjustable rate mortgages that were maturing. We drove for miles and miles and all I could see was "For Sale" signs. It is very frightening. Something is very wrong with our economy. Key West is not an aberration.
Read this blog next week for more info on the building pictured to the right.
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