In my March 1st blog called "Season's Beatings" I said "Most of the sales that have occurred [recently] are a result price reduction. There is still a hesitance by many buyers who think the market will fall further, especially after Season ends. I agree. But bargain hunters may miss getting the plum properties just to save money. Homes in Key West are not like fungible goods. They are unique. So the smart buyers are buying location and value at a good price. Some people may make good money buying what is leftover at the end of the day." I then said to expect more price reductions because sellers who need to sell now must expect the worst. "When the buyers leave, the party is over till next year."
So Season is done and gone. My prediction about more price reductions is exactly what has happened. Today the asking price on a great property in a great location was just reduced from $1,295,000 to $1,100,000 or $555 per sq ft. That is a very competitive price for being located in the heart of Old Town. 701 Elizabeth Street sits at the top of Solares Hill (hence "High Anxiety" as a title--no inference to anything else is intended). The listing Realtor describes the property this way "Perched atop Solares Hill, the high point on the island, this duplex includes a 2 bedroom 2 bath owner's unit with private heated pool and outdoor shower and a 1 bedroom 1 bath separate apartment that is currently rented for $1300 per month. Designed by Tom Pope and built by Erik DeBoer in 1984, the floors are recovered river heart pine and the windows are shuttered with metal louvers. Includes off-street parking." Key Westers know that Erik deBoer built many quality homes during the 1980s (this one happened to be his own residence for a while).
This property is another one of those buying opportunities I have written about: quality property, great location, good price. Think back four years ago when buyers were falling all over themselves looking for deals. Here's a deal people. CLICK HERE for more details on this property and more photos. Then please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.
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