Just Listed (but not by me) 716 Southard Street in the heart of Old Town Key West.
This is the one you have been waiting for. Adorable sawtooth, two bedroom, two bath home in the most desirable area of Old Town Key West on the top of Solares Hill between William and Elizabeth Streets. The property was renovated in 1999 and has an open floor plan with vaulted ceilings in the living areas and bedrooms that creates a very bright and airy feeling. Master bedroom with bath en-suite. Custom lighting and gorgeous hardwood floors. French doors open to your covered outdoor sitting area, pool and lush tropical garden. This island retreat is priced to sell so don't wait too long!
716 Southard Street is a petite 752 sq ft and sits on a 1776 sq ft lot. It is offered at $599,000 or $797 per sq. ft.
The house is a short five minute or less walk to Duval Street and five minutes to the Historic Key West Seaport. If you walk east about two minutes you can get your morning con leche at Five Brothers or eat the best steak in Key West at Michael's Restaurant or dine affordably at Managia Mangia. Nancy's Secret Garden, the Cafe Marquesa, Sarabeth's, Faustos Grocery, and Preferred Properties Coastal Realty Inc. are all located about four minutes from the front door. What more could you want?
CLICK HERE for more photos and information on 716 Southard Street. If you are coming to Key West this weekend for Poker Run, call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to schedule a showing on your behalf. Better yet, lets also look at 529 Margaret that I wrote about earlier this month. Both properties are well located and priced the same. Do some real comparison shopping.
8 comments:
Important message to all those still trying to sell their property at prices that may have been possible during times when market prices had climbed to ridiculous levels: Wake up and smell the coffee, the world has changed, the market has changed, you are not going to get $800 or $1000 sq. ft. for an old small little house! Are you crazy or just greedy? I know KW is on an island with a finite set of properties but the market has dropped and will continue to drop for another year. There are many places in North American every bit as nice as KW and at a fraction of the price. The market will eventually stabilize at something that is reasonable. If you want to sell, take what you can get right now because waiting is just costing you more money.
Old Town is a nice area for sure, but prices are high, especially when you add on water and storm insurance, maintenance, etc.
Flipper, I don't disagree that many sellers are still asking too much for their properties. But there is a very limited supply of nice homes with pools in the Old Town area. Three years ago there would have been several offers on this house within a couple of days of its listing--if it even made it that far. Many places were sold as soon as they got listed.
Don't sell Key West too short--especially Old Town. Good houses in good locations are always in demand.
Gary
Gary I agree completely that good houses will always be in demand and I agree that 3 years ago this house would have sold at or above this price very quickly. I get that. But my point is that was 3 years ago. If this house, which I am sure is very nice, was priced appropriately for the market we are now in, there would already be several offers on it; it would move quickly. The market 3 years ago was out of control the other way, prices were completely unrealistic but conditions at the time (cheap money, easy mortgages, strong economy, buying frenzy,cheap travel, etc.) supported the hysteria. Common sense is now starting to prevail. What occured 3 years ago is irrelevant.
So, what would be a fair, 2008 price-per-square-foot for this property? Actually, the better question is, what's a reasonable price? With such tiny square footage, selling it for $376,00 or less seems too low. Just curious.
Not sure how you come up with 376,000 but in my humble opinion, given this is a nice little house (not a condo) in a great area it should be somewhere around $400,000or about $532 sq foot, given the realities of the market in KW. This is still waaay more than you'd pay in other resort areas for something like this, but KW is special, no question about it. However, bottom line is that buyers are now starting to consider the opportunity cost. For example, you can buy a very nice little home (newer and nicer than this one)in Palm Desert California, and many other US resort communities right now for about $250,000 (with private pool)and still have $350,000 cash left to do other things with. That would buy a lot of rental months in KW.
Makes sense. The 376,000 was just a fast grab at 500 per sq ft. But then Palm Desert isn't KW...
I used to work for a bank in Denver that owned a big motel/hotel in Thousand Palms (just east of Palm Springs). I rented a car in LA and drove out to look at our $$$million property. It was so far away from everything.
Everything in California is far away from everything. Even in the same community--if you can even call it that.
Key West is about neighborhoods and a lifestyle. It is not about dollars per sq ft even though I write about the cost of things.
The cost is what you pay to get your entree into the neighborhood and into living the life you dream about.
After I thought about driving huge distances or spending lots of time driving short distances and living in a place where everybody was preoccupied with status more than quality of life, I elected not to go to a place like Palm Springs.
Gary
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