What Is Happening Here? Ain't Exactly Clear!

I don't know if it is a coincidence or a confluence of events, but there is something going on in our little real estate market in Key West.

In the past week we had two sales close on big houses on Sunset Key (the little island just off Mallory Square where you have to ride a boat to go home or go anywhere for that matter). Sale NO. 1 was a 3 bed, 3 bath house that listed and sold for $2,850,000 or $1,438 per sq. ft. Sale NO. 2 was a large 3 bedroom, 4 bath home that listed for $4,995,000 and sold for $4,667,055 or $1,664 per sq. ft. Memories of 2004 and 2005!

During the same time a Key West landmark in the 300 block of William that is listed at $4,275,000 went under contract and it is now pending (no contingencies) closing. The asking price on this puppy is $1,497 per sq. ft.

Last week one of the biggest bargains in town, 409 William Street, priced at $2,194,000 or $770 per sq. ft. went under contract. I wrote about this property several times. It is beautiful and it is located on one of Key West's best streets. This is the deal of the century. Somebody got it.


Then this morning another Key West landmark, the former home of author Phil Caputo on Casa Marina Court (not in Old Town--so there is another element to ponder), also went under contract. The asking price on this estate is $5,490,000 or $1,246 per sq. ft.

At the same time we are seeing lots of activity in the low end of the market. New listings pretty much keep listing at prices lower than previous sales of similar properties. The middle market ($900,000 to $1,900,000) is going nowhere.

What does this info mean? I don't know for sure. Perhaps it means that buyers with big bucks who have been sitting on the sidelines waiting for the market to hit bottom have determined that now is an opportune time to buy. Perhaps.

I'd love to sell you one of those big multi-million dollar homes. We do have a few left. But if you are reading this little blog maybe you are looking for a place a little less expensive. If so, we'll get along just fine. I like normal people. I am one myself. Give me, Gary Thomas, a call at 305-766-2642. Let me help you find a piece of Paradise at a new affordable price.