Summer is over. Fall is on the way. This is always the worst time of the year to sell a house in Key West. It is the same way every year. 2010 isn't special in that regard. Many shop owners and restaurants close for vacation. There's no reason to have a crew working if nobody is buying or eating or sleeping in hotel rooms. Five weeks from now, however, Fantasy Fest will be here and so will the tourists. Money will flow like crazy once again. The boat races follow and then Christmas ushers in season when the cycle starts all over again.
A few years back buyers wanted into the Key West market so bad that they would buy just about anything to get a piece of the action. So much of what was bought then at high prices is now offered as either a short sale or maybe it is already bank owned. I have heard of sellers who own too many homes in different locations that have decided they need to sell off unnecessary properties which in some instances means their place in Key West. Our inventory of homes is down from the past few years. That is a good thing. But the selection of homes is down as well. Fewer homes means fewer to choose from.
Most of the Realtors I know have buyers looking for "deals". I thought it might be helpful to list a few properties that I consider real housebuys in this market at this point in time. Here are some potential real housebuys.
2507 Linda Avenue in mid town is a short sale offered at $370,000 or $152 per sq ft. This is a four bedroom 3 bath home that looks pretty attractive. Photos of the kitchen are below. CLICK HERE.
Older photos of the Linda house
721 Chapman Lane is a big house (1900 sq ft) priced at $469,000 which is located in Bahama Village. This place has big rooms and a good sized pool. It is bank owned and it has been actively market for 118 days. The house is in pretty good condition but it needs painted and cleaned. CLICK HERE.
3715 Pearlman Court in New Town is now a short sale which is offered at $495,000 or$295 per sq ft. This place is beautiful. The pool is magical. CLICK HERE.
The pool at 3715 Pearlman Court is magical507 Frances Street is an odd duck. (I mean that nicely!) It is presently configured as three legal apartments but it could be converted into a single family home. It is one of the tiny few double gabled houses in Key West. This is not a short sale nor bank owned but it is offered for much less than the owner paid for the property. This Old Town property is offered at $599,000. Read the comments, this place generated $48,000 in income last year. CLICK HERE.
507 Frances Street is one of only a few double gable homes 3334 Riviera Drive is a very large waterfront home located directly on the Riviera Canal. This place is bank owned. The asking price was recently reduced to $689,900 or $244 per sq ft. The "bank" that owns this property is actually a local Key West credit union that itself is now in conservatorship. It has to sell this property. I think somebody can make off like a bank robber on this one. CLICK HERE.
The Riviera pool before it became bank owned
1012 Southard Street: location, location, location!If you are looking for a place in Key West now is the best time to look. Sales are slow, hopes are down, buyers who want or who need to sell may be receptive to an offer that they never thought they would entertain. If you would like to see any of the properties shown above (or anything in Key West), please contact me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.
6 comments:
Would it be wise to list a house just before Fantasy Fest - better than listing now? What's the ideal time to list for one looking to sell this winter?
Thanks,
I'm not Gary, but I would think the best time to list is either 1) before FF, or 2) Right after New Years.
The island gets busier after FF, but January really kicks off the season. You might pick up some buyers during FF, but I personally believe most are there at that time to party and not necessarily house hunt. I'm not a Realtor, so I could be off, that's just how I'm seeing it.
To Gary: I assume your title is a play on the Real Housewives, so I have to ask, who's your favorite housewife out of all the shows, and which is your favorite franchise as a whole?
If you have a house in Old Town, Casa Marina, or the Meadows (which are big second home draws) it would be better to meet with your agent sooner than later.
If your agent will be doing advertising in Homes & Land or other pre-sold venues, he or she will need to buy the space now for Christmas. I think it is already too late for Fantasy Fest.
The second writer is correct in that most serious buyers arrive at the beginning of season. But serious sellers and their agents need to plan in advance.
As for the Real Housewives, I liked the Orange County women. I used to spend quite a bit of time out there. I don't hang with snooty people, so I definitely would not fit in with any of the women in any of the cities. I feel sorry for their husbands and boyfriends.
If ever there were a Real Housewives of Key West it would feature the ladies of the 801 and LaTeDa. That's a show the world would watch.
Gary
Gary
September has Poker Run and this year, on Friday night, Michael's restaurant was PACKED! Full house, barely enough staff to cover. Same all over town - this year, the bikers (aka lawyers, doctors, etc.) were here to spend money and eat, drink and be merry. So this IS the time to be here as the bar and restaurant owners who are opened are raking in the profits while those who chose to close are left holding an empty cash register. Tis the season to love the bikers.....
September has Poker Run and this year, on Friday night, Michael's restaurant was PACKED! Full house, barely enough staff to cover. Same all over town - this year, the bikers (aka lawyers, doctors, etc.) were here to spend money and eat, drink and be merry. So this IS the time to be here as the bar and restaurant owners who are opened are raking in the profits while those who chose to close are left holding an empty cash register. Tis the season to love the bikers.....
Real Housewives of NY or DC are best - otherwise, just botox babes or trailer park trash mafia wannabees.
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