I just went through the Key West Association of Realtors mls database and created a list of select single family homes under $500,000. There were a total of 67 such properties, but our system will not allow me to generate a report with that many listings. CLICK HERE to see all of the properties I was able to include.
Many of these properties are short sales (A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed). A few of the homes are bank owned and are priced to sell. In particular look at 2615 Staples. It was purchased for $900,000 not too long ago. That's a deal waiting to be made. And there are a couple of actual market sales as well.
Take a look at 1010 Whitehead Street. It is a very small and unpretentious house located one block off Duval near the Key West lighthouse. This house, believe it or not, was the home of one of Key West's most colorful characters: Larry Formica. He was the genius who created the World Famous La Te Da's on Upper Duval Street. He had other properties but his finances failed him. He lost La Te Da in the last economic slow down. But if this simple little cottage could house a giant like Larry Formica, maybe it could house you as well.
Three banks owned houses to consider at 3711 Duck (compare to 3713 Duck), 2005 Fogarty, 2816 Staples that is priced at only $275 per sq ft. There are more bank owned in the group. Some of the bank owned properties come with easy to obtain new bank financing, free appraisal, low closing costs.
If you happen to see a property that you like, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. There are some buying opportunities. Some of these properties are challenged. (That's a polite way of calling 'em dogs.) But there are some real nice houses in good locations. Let's see if we can make a deal and get you that Key West house you have been dreaming about. Maybe you can lay back in your Foster Grants and let the palm trees of Key West reflect your little piece of paradise.
2 comments:
Hi. Found your blog a couple of months ago. We are bottomfeeders, as you termed it some time ago, and hope that the current real estate market will finally allow us entry into Key West. We have been househunting for literally two years now, and your posts do a nice job of pointing out some negatives as well as the positives of some of the properties. This is very helpful for people like us who are long-distance hunting and can only learn about the area from visits and blogs and newspapers... Keep your posts coming - I find them useful!
Gary, Thank you for info on homes under $500K. My wife & I are working folks in our 50s and thinking about retiring in a couple years. We read you on a regular basis and appreciate your insight on the Key West market. We will not be able to swing the million dollar homes, so it is good to see your opinion on homes in our price range.
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