Buying Spree at the Key West Golf Club Community

I have written numerous blogs about particular listings at the Key West Golf Club Community over the years including many during and after the Great Recession when there were so many short sales and bank owned units for sale. I estimate I have sold over 41 of the 390 homes in this planned unit development built around 46.5 acres located just five miles east of Old Town Key West. Amenities include a huge community pool, a smaller pool, community room including fitness center, a butterfly garden, and playground.  The Reese Jones 18 hole golf course is open to the public.

The golf club community was started in 1996 and built out over the next four years. All of the units are referred to as town homes as that permitted construction of units on lots smaller than required by Key West building code. Sizes of the homes vary from 780 Sq Ft  for "bungalows" to 1,800 Sq Ft for stand alone homes with private pools in The Sanctuary.

I started to notice a significant increase in the number golf course homes going under contract over the the summer - much more so than in previous years. And during the past week or so I saw the MLS explode with new properties going under contract or closing. During the month of September nine homes sold. Seven of the "bungalow" units sold at an average price of $454,143 and a price per Sq Ft of $456 per Sq Ft. There were also two single family homes located in The Sanctuary that sold for an average sales price of $777,000 or $440 per Sq Ft. I consider this many sales in one month during a world wide pandemic a buying spree.

As of this morning there are only eight active listings listed for sale. The least expensive is 780 Sq FT 2/1 at $393,000 and the most expensive is a Spa Home located in The Sanctuary offered at $625,000. The average asking price on all units is $450,000 or $512 per Sq Ft. 

Compare the average asking for golf club homes to the rest of Key West for homes priced under $625,000. There are 16 such homes available at an average asking price of $524,738 or $494 per Sq Ft. While some of these homes have been updated, most are much older and many are less desirable because of location.

If you are looking for a new home in Key West please consider working with me, Gary Thomas, 305-766-2642. I am a buyers agent at Preferred Properties Key West. The homes at the Key West Golf Club Community may be just what you are looking for.