2021 That Was the Year That Was in Key West Real Estate Sales

 

Pardon my absence these past few days. I have not been away or ill. Instead, I have been super busy selling houses - thee in a week and working on another. That;s enough about me, let's take a look back at 2021 - the year that was in Key West Real Estate Sales. 

There was so much apprehension when the world shut down at the beginning of the pandemic - especially from Key West Realtors who feared their livelihoods would be crushed. I was optimistic because I was sure the people who loved Key West would return. Florida has a lot of cities and beaches, but there only one Key West. It's like having a choice between a COKE or an RC Cola. Similar but not the same. The Real Thing or a not-so-good imitation. When the Sheriff lifted the barricades and the TSA let travelers back into town, Key West burst into the best version of itself. Tourists fled their isolation in the north to buy new primary, secondary, and investment properties in Key West. 2020 real estate sales amazed us all. I am here to tell you 2021 sales were more astounding. There were 435 single family homes sold in Key West in 2021. I am going to share some of to those sales to give readers a sense of this past year.

The least expensive property to sell created a furor the within hours of hitting the MLS. People across the world must live on Zillow and Realtor.com who spend their day looking at new listings in Key West. I got several inquiries about 921 Packer Street listed at $350,000. It was a 453 square foot 1/1 house located steps away from Truman Avenue and across the street from the trash bins of a fish restaurant. It had buyers flocking to buy it and sold for $365,000 or $862.88 per sq ft. See below.

The most expensive home to sell was 625 Caroline Street which made headlines in 2009 when a city commissioner told the world that a world famous singer had purchased the house. The buyer, who valued his privacy,  promptly put the house back on the market. It took two years to sell and sold at a bit of a loss. Thank you very much Mr. Commissioner. 625 Caroline Street sold in 2021 for $6,500,000. There were two other sales in the $6 million range both on Sunset Key; one at $5,500,000 on Grinnell Street; and two near Eaton Street; three sales in the $4 million range; and 21 sales in the $3 million range including one I sold at 727 Washington Street in the Casa Marina area. Think about that - 21 sales over $3 million in a little town with a population of 25,000 out in the middle of the ocean.

There were 159 single family homes that sold between $1 million to $2 million in all parts of the city. Most were located in Old Town and Casa Marina areas. However, the sales expanded out through Mid Town and into New Town - and beyond. I noticed the increased volume of sales and higher priced sales up the Lower Keys. I typically do not show or sell houses up there, but I saw in real time the explosion of sales in that area. I am not including any of those sales in my blog. I am just advising readers that the increase in sales volume and pricing is not limited to Key West.

I think one of the best buys last year was 516 Elizabeth Street that sold for just $890,000. It is an beautiful historic home located on one of the very best blocks in Old Town. It does not have a pool or an off street parking spot. Boo Hoo! If it had one or both the sales price may have had a $1 in front of the $8.  Parking and pools remain highly desire items for most home buyers. There is no place to drive once you get here. Just saying. 

417 Simonton Street was another bargain property. It was one of those places with "good bones" that needed a lot of money to bring it into this century. It had a decent back yard with an out building and trees. Trees! The nemesis of renovators. This fixer house sold for just $1,300,000 or $35,000 over asking. A bargain.

 

3108 Riviera Drive sold in days for $1,899,000. The renovated home sits on the Rivera Canal which feeds directly out to the Atlantic Ocean about half a mile to the east. Canal front homes have sky rocketed in popularity and price in the past few years. This same home sold in its "original condition" for just $650,000 in 2017. It resold in 2019 after renovation for $1,119,000. And then closed on New Years Eve at $1,899,000. What a way to start the new year in such a prime location.

  

I wrote about 517 Elizabeth Street a couple of times over the years - first when it was one of the projects of Key West and later when it was completely renovated and ever-so-beautiful. I include it in today's blog because it is an example of houses that we only learn about after they close. This house sold in zero days on the market for $2,550,000. I drove by a couple of days ago and noticed construction going on again. Almost all new owners do the same thing. They make perfect more perfect.

I sold 530 Catherine Street in 2014 for just $595,000 cash. It was a fixer then but it had a very valuable transient rental license that had never been used. The new buyer renovated the place and turned it into a money machine. It was listed and sold in 2021 at $2,525,000. It isn't the only one to do that. Several similar homes with transient licenses had similar sales success.  

I truly expect a bunch of new listings to hit the MLS in late December, That did not happen. Keep your computer on. I know there are going to be new listings soon. Expand your search parameters and be prepared to spend a bit more than you hoped. And cont acct me, Gary Thomas, to be your agent.