Blown Away in Key West

 

 Do you know the way you feel when you are blown away by music, a picture, a meal, a drink, an odor? While searching the Key West MLS for upcoming open houses and I noticed  a property described as a renovated duplex of just 1,176 sq ft. I thought to myself "That's odd. I thought it sold in 2021." I checked the MLS database and, sure enough, it did sell. It was listed for $1,250,000 on February 27, 2021 and reduced to $1,150,000  on March 29th. Even though the market was brisk, it did not sell. The listing was "cancelled"on May 17th and relisted the same day at $1,095,000. It went under contract twelve days later. It sold on June 16, 2021 for $1,075,000 cash. I never saw the inside but the listing photos looked great.

The house dates back to at least 1889. I found photos o the house taken over the years. It was inevitable the house would be renovated like almost all of the homes in Old Town.

1965

 June 2015

2016   When it was offered for sale at $695,000. It did not sell.

 2019  Photo I took expecting this property would be offered for sale after renovation.

2021 Listing photo

This sweet little duplex sold for $1,150,000 on June 16, 2021. The new owner put the same property back on the market 107 days after he bought it for $1,295,000. It went under contract January 5, 2021. 

Then I recalled a similar new listing located near where I live. I spoke with an agent in the listing office who told me that new owner thought he purchased that the house at a bargain price and decided to test the market and possibly net a hundred grand profit on a quick flip. The owner withdrew the listing as soon as the Christmas seasonal rentals kicked in. Big houses in the Casa Marina area are renting in excess of $25,000 per month. Our houses have become piggy banks.