Bewitched - Act Two

Samantha Stevens must have twitched her nose, because the big new house at 929 United Street in Key West sold at a magical price of $1,000,000. You may recall that I wrote about this property CLICK HERE when it was offered at $1,495,000. I really liked this newly constructed house house. Everything inside and outside was done just right-except for the paint on the front porch. This house had top of the line Viking appliances, designer cabinets in the kitchen, high end light fixtures and plumbing fixtures. The grounds were very nicely landscaped and had exterior lighting and a sprinkler system.
I mention this sale because 929 United Street was originally listed at $1,950,000 or $1026 per sq ft in February 2008. It sold June 15, 2009 at $526 per sq ft. That is a remarkable price reduction for a very nicely done new property. CLICK HERE to see more info on 929 United Street.

Note: 929 United Street was not a short sale.

Some readers may argue that the location on United Street pushed the sales price down. Perhaps it did, a bit. But all properties are located on a little island and many of our streets have real traffic-as does United Street. Not every street in Key West is a quiet little lane. I think the price is more a realization that the original asking price was unrealistic and that a seller in today's market must be realistic if a meeting of the minds is to be reached. It does not matter what someone paid for property years earlier or how much money (or sweat equity) someone put into a renovation. Market value is driven today by how much a knowledgeable, willing, and able buyer is would pay for property.

Prospective Buyers for Key West real estate know how to use the Internet to search the mls and public record websites. They can use the Key West mls database or other search sites to see what asking prices are. More importantly, they can see recent sales to develop a realistic appreciation for what a prospective purchase is realistically worth today.

Congratulations to Cory Held and Everett Watkins of Preferred Properties on the sale of this property.

If you are thinking of buying a place in Paradise before all the good houses are sold, CLICK HERE to search the real Key West Association of Realtors mls database. If you see a place that you like, please think of calling me to assist you. I am a full time Realtor at Preferred Properties Coastal Realty Inc, an affiliate of Christie's Great Estates. Contact me, Gary Thomas, at 305.766.2642 or by e-mail at kw1101v@aol.com.