Last week I reported the real estate sales data for 2008 and suggested that would-be buyers should not wait too long to find a property. There is and always has been a limited supply of single family homes in Old Town. Some of the larger old homes were converted into apartments or guest houses in past decades so that reduced the number of houses. And recently a few properties were converted into condominiums so that reduced the number as well.
I just did a search of single family homes in Old Town (and The Meadows) from Truman Annex on the west, Truman Avenue on the south, east to the Garrison Bight. I only selected houses over $1,000,000 whose prices have been reduced from the original asking price. CLICK HERE to see what is left.
If you take the time to look at the list you will see a good comparison of features such as qualitiy of construction, architecture, and location that help set the asking price. Some of the sellers have been more aggressive than others in adjusting the asking price downwards. Some prices still may seem very high on a per square foot basis. But some of the properties have features or locations that may command the higher asking prices.
As the supply of houses under $1,000,000 shrinks in Old Town, the question to me becomes will some of the houses listed above be reduced in price (or through price negotiation) to meet the market (meet the demand for homes under one million dollars)? I don't know the answer. This CLICK HERE is a compilation of houses priced over one million that sold in 2008 in the Old Town area.
If you are searching for a home in Key West please consider using me, Gary Thomas, as your buyers agent. Call me at 305-766-2642 or e-mail me at kw1101v@aol.com. The island of Key West isn't getting any bigger and the number of homes isn't increasing. So if you want to buy, buy smart. CLICK HERE to search the Key West mls database.
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