Don't Wait Too Long!

A week ago today I could drive either direction on Truman between Simonton and White Street in less than two minutes--even if I had to stop for a red light at Windsor Lane. On Friday it took me ten minutes. They're back! The "Wish I lived in Key West!" bunch. The people who return year after year and who ruminate "I wish I would have bought when prices were lower. I got priced out of the market".

This is true: twelve years ago I met a nice couple from New York who have been coming to Key West since in the late 1970's. They come to Key West at least twice a year and always stay at the Marquesa Hotel. They typically rent bikes and scout out potential homes to purchase as part of each trip to Key West. They eventually wrote a couple of offers back in 2002 and 2003 but their tenacity to getting the best of every deal prevented them from getting a good deal. The market continued to go up, and then we all know what happened to property prices across the country and right here in Key West. I saw that couple riding around last week on their bikes and making notes about a house on an Old Town street.

A couple of months ago I wrote about the slowness of the Key West market and how very little was selling. In a few days I will do a little report on what transpired in December and how the year 2008 did as compared to recent years. But I can give you a sneak peak. Sales are up. There is a lot of activity. A lot of the cheap stuff is getting bought up (bank owned properties and some good short sale properties). A couple of really big grand houses are under contract as well.

Preferred Properties hosted ten Open Houses yesterday and each host reported a big turnout of lookers. Well, we always get lookers. Looking is cheap entertainment. But several of the lookers are actually in town with the intention of buying a place in Key West. I know they all won't buy. Just like the couple from New York will probably never buy. But some will buy, and they may be buying at or near the bottom of the market.

I know there are going to be more foreclosures because I read the Monroe County Clerk's records a couple of times each week to see what properties are being foreclosed upon. So I accept the fact that we are not at the absolute bottom of wherever we are headed. At the same time I can appreciate the fact that the people who have property for sale right now really want to sell--for whatever reason. And there are some very attractive properties on the market.

The property I hosted at yesterday's Open House was a grand house located at 416 Elizabeth Street. It is offered at $3,900,000 so it is out of the price range of most buyers, but would-be buyers came to look nonetheless. The "oohed" and "aahed" at the place and told me how absolutely enchanting it is. The thing is there are smaller and much less expensive properties on the market right now that could evoke the same feeling of enchantment. People who dream of moving to Key West don't think in terms of how much their home will cost. They think about the type of lifestyle they can live.

CLICK HERE to search the Key West Association of Realtors mls database to find your new home in Paradise. If you see something you like, I'd appreciate it if you would consider using me to help you. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Don't wait too long!