Bank Owned - Heart of Old Town - Key West

I wrote about 518 William Street twice last year and urged potential buyers to look at this very well located house when it was offered as a SHORT SALE at the asking price of $875,000. Guess what: it did not sell. The then listing Realtor did tell me that the lender received a couple of low ball offers in the $300,000 range. Guess what again: it is now BANK OWNED and the new asking price is only $399,900 or $231 per sq ft.

This is how the Listing Realtor describes 518 William Street: "Old Seafaring Neighborhood located just blocks from the Harbor. Easy walking distance to Duval and K.W. Bight. Floor plan works well for extended family use. Minimal yard to maintain, small deck on right rear portion of lot. Bank Owned price set for quick sale." CLICK HERE to see a bunch of photos and get more detailed information on this property.

The house sits on a 2132 sq ft lot (20' frontage X 98' depth). The house has had several updates in the past few years and it appears to be in good condition, at least to my untrained eyes. The County property records show a new roof, new air conditioning, new floors in some rooms, and other improvements. There are two living rooms and two kitchens (that's odd!), two baths, three bedrooms plus a large sleeping loft. There is a great set of french doors that lead from the rear living room onto a deck. There is a spa and garden at the rear. There is no off street parking. And there is no room for a pool.

I think the location would be great for a second home owner who does not need a car or a pool--just a place to relax and enjoy life. The home did not appear to need any repairs. If I am right on that, any extra money a buyer spends would be on fun stuff like Tommy Bahama Furniture or local art.

Please call me, Gary Thomas, 305-766-2642 to schedule a showing on 518 William Street. You may be pleasantly surprised.

518 William Street - Old Town - Key West -Short Sale

The house at 518 William Street is offered as a Short Sale at the asking price of $875,000 which amounts to about $515 per sq ft. The listing agent (not me) shows the square footage as 1700 s.f. The County Appraiser's Office shows the square footage as 1485. An actual survey or appraisal should provide a better statement as to the true size of the house. I mention this because errors in the size of a building can lead to errors in valuing it, even in a down market.

The house sits on a 2132 sq ft lot (20' frontage X 98' depth). The house has had several updates in the past few years and it appears to be in good condition, at least to my untrained eyes. The County property records show a new roof, new air conditioning, new floors in some rooms, and other improvements. There are two living rooms and two kitchens (that's odd!), two baths, three bedrooms plus a large sleeping loft. There is a great set of french doors that lead from the rear living room onto a deck. There is a spa and garden at the rear. There is no off street parking. And there is no room for a pool.

A Short Sale occurs where the seller tells prospective buyers that the seller may be willing to sell below the asking price of the house if the lender will accept less than payment in full of the mortgage held as security for the home and forgive any further indebtedness on the part of the borrower (seller).

I saw this property right after it went on the market. I have not been able to get anybody to go look at it. That's a shame. It is located on one of Key West's best blocks. The house across the street sold about 18 months ago for $3.5 million. The house across the street and down at the end of Pinder Lane is priced just under $4 million. Like many streets in Old Town there is a mix of condos, shotgun houses, and couple of great old Conch houses. I think the location would be great for a second home owner who does not need a car or a pool--just a place to relax and enjoy life. The home did not appear to need any repairs. If I am right on that, any extra money a buyer spends would be on fun stuff like Tommy Bahama Furniture or local art.

The listing agent is not located in Key West. But I can get interested folks inside to see the house at 518 William Street without too much advance notice. Please call me, Gary Thomas, 305-766-2642 to schedule a showing. You may be pleasantly surprised.