One of the advantages about growing older is that you can predict the future so much more clearly than younger folk. That's my story and I'm sticking to it.
I was an attorney and worked in the banking business in the 1970's through the early 1990's. I went through the Colorado crash. So I have real life experience in dealing with a depressed economy and a depressed real estate market.
I worked for the RTC (Resolution Trust Corporation--the federal government agency set up to clean up the savings and loan debacle) and managed problem real estate assets in a variety of locations across the country. So I think my observations about the present real estate situation in Key West may have some merit for those willing to read my thoughts.
The role of the RTC was liquidate the assets of failed S&Ls. The RTC actually facilitated the transfer of wealth from one group (the S&Ls and their subsidiaries and joint ventures) to third parties. In some instances the assets were extremely valuable and were sold for mere pennies on the dollar. The parties that purchased the assets did so at a time when the market was hesitant--just like it is today. They took a risk. But with that risk came the potential for huge reward. And those that bought the assets were rewarded handsomely.
I see the troubled times in Key West as being buying opportunities. Not across the board mind you, because some properties are still woefully overpriced. But there are specific properties in strategic locations that are now offered at prices below there real market value. And buyers who take the risk in this market at this time will be rewarded in the future for their real estate savy a few years from now.
Take this Classic Eyebrow House located at Campbell Courtyard. The street address is 617 Fleming Street. It sits at the back of the property so it is very quite and yet it is so close to everything that second home owners want in an Old Town property. And it has its own parking spot. This property is also a Short Sale meaning the seller is requesting the lender to accept less than par in the payoff of the mortgage against the property. CLICK HERE for more info and photos on this charming cottage at 617 Fleming Street, Old Town, Key West, Fl. It is now offered at $650,000 or $586 per sq ft. The house is two story, 3 bedrooms, two baths, and nicely appointed. There is a beautiful pool and gardens awaiting you.
Want to see this charmer? Give me, Gary Thomas, a call at 305-766-2642 or e-mail me at kw1101v@aol.com. This is a buying opportunity.
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