It's a beautiful day in Key West. Town is full of people and some of them are opening their pocketbooks and buying homes. The news is so good that I had to post a mid-March report so that you people sitting on the sidelines may get off your duffs before the properties you want are gone.
Since March 1st there have been 29 residential closings in Key West. The majority are on the low end to be sure. That is where most people perceive that the bargains are located. Most of the properties are selling in the $200's to mid $300's per square foot. Those prices are what we were getting in 2003 and 2004 for modest to mid range properties. There were several sales in the $1.5 million range and they sold between $550 to $850 per square foot. And there were two big house sales: 916 Washington that originally listed for $3,750,000 and sold for $2,500,000 or $600 per sq ft and 326 Whitehead that originally listed for $4,495,000 and sold for $3,500,000 or $608 per sq ft. I think the new owners of the last two homes got terrific deals because they purchased value at a great price.
CLICK HERE to see the features and prices of each home or condo that was purchased during the first three weeks of March.
And even more exciting is the news that 92 homes and condos went under contract or went pending since March 1st. Our mls will only allow me to export 25 files at one time so CLICK HERE to see the first 25 properties so that you get a sense of what is being purchased across the board. The prices are very cheap to quite high. Again the least expensive is being bought up right away but there are some mid range and high end properties going under contract as well.
If you are in Key West and want to come by and see me on Easter Sunday, I will be hosting an OPEN HOUSE at 709 Bakers Lane (one half block south of Southard on Elizabeth Street. I'll be there from 11:30 AM until 2:00 PM. It's quite the place. It was designed and built to sell for $2.8 million. It is priced today at $1,749,000. CLICK HERE for more pics and info.
CLICK HERE to checkout all current Key West mls listings. Times-a-flying. Don't get left behind again. Remember last time when you said "I wish I would have bought before the prices got so high." Here is one final example of another value listing that is being offered at a very attractive price: 514 Porter Lane in Truman Annex. CLICK HERE for more info. Originally listed at $1,199,000 and just reduced today to $799,000. It has a transient rental license and good rental history. Opportunity knocks.
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