Live Your Dream! Lose Your Virginity!

 

 

Above photo taken October 24, 2014 across the street from Bourbon Street Pub. That's somebody's mother. It has nothing to do with real estate. Just wanted to post it in remembrance of that day.

I started today's blog on February 14, 2011 but did not post it. I found it while searching the word "auction" because today, October 28th, is the anniversary of the day I purchased my first property in Key West. Take a brief read. What I wrote then is playing again.

I hosted an Open House yesterday. Quite successful, in fact. I had 107 plus people.I got so busy I lost track while talking to potential buyers. I kept hearing similar remarks about how much the market has recovered and how much so many people want to buy a place here. There were, of course, the neighbors and lookie-loos who show up at any open house. I recognize many of them when they walk past the front door. Those folks are usually in and out in just a few minutes. They are semi-pros. They watch the mls and read blogs about Key West real estate (copycats all).  But the virgins, the people who have been to Key West once or many times who finally decide they think they want to buy a house, they are the people that get my attention. It's as if they are back in high school and ask their friend (me) to see if its safe to ask that certain someone if they liked the other person. Only in the case of real estate, is it okay to look, to touch, to buy? Will I fail? What if I fail? What if I pay too much? Will my life be better if I buy a place in Key West? Yes to the last question. As for the other questions, if you don't take the step and lose your virginity, you will never know the joy of sex, I mean the joy of living here. 

I have written several times that it took me nine years to finally buy a place here. I made many ill fated offers prior to that. My offers were usually too low in price or too harsh in terms of requiring the seller to warrant this or that or some other legal mumbo jumbo. I lost my virginity at a public auction with a bunch of others in a competitive bidding. I got the nerve to make the bold move to out bid the others and ended up getting the grand prize. Instead of bidding lowest, I bid highest. But I got the prize everybody else wanted. 

In Key West real estate most places are one-of-a-kind. The real estate market in Key West is really brisk right now. Town is full of people and many of those people go through the thought process of wondering if they could or should buy a place here. Some look at the signs on real estate company front porches or boxes attached to listing signs. Some contact an agent and go look at houses to see how much things cost. 

New: That's where I stopped. That blog never got published. Ten years have passed. The place I bought sold twice after i sold it. It is making a mint. All guest houses are. Real estate prices are beyond crazy. The thing that holds true is there is only one Key West. I have heard but never visited other coastal areas that have old towns kind of like Key West.  But they are not the same because they have old houses. The thing I don't like is also the thing I have become a part of - looking at real estate as being a cash register. I can't change that. Money in. More money out. That's the way it works. Virgins welcome.

 

Real Estate Auction - Key West

Attention Bargain Hunters! I know you are out there. I know there are buyers waiting for the absolute rock bottom prices. When bank owned properties do not sell after being on the market for several months, they are moved to the next level in an attempt to sell them. The next level is public auction.

There is going to be a huge public auction in Miami on Sunday, December 14, 2008 where the Key West houses shown here are available for purchase to the highest bidder. A company called REDC (REAL ESTATE DISPOSITION CORPORATION) is conducting the auction for various bank owners. CLICK HERE to see the RULES of the auction and the drop down menu of properties available across the state of Florida. The same company is conducting similar auctions in other areas of the United States in the immediate future. So spend some time on the internet to checkout other areas of Florida or elsewhere. Why anybody would consider buying a vacation house anyplace else boggles my mind, however.

The five Key West properties are listed below. I am not recommending anything. I am simply letting the buying public know about this opportunity.

3533 Flagler Avenue Key West. Nice two story single family home near the east end of Flagler. There is a newer kitchen, 3 bedrooms, and a pool.
Starting bid is $189,000.

630 Elizabeth Street Key West sits at the top of Solares Hill. This is an apartment building in need of TLC. There is a small outside area at the rear. Great location but it is going to need some work. Starting bid is $169,000.

1 Coral Way is a cute townhome located on sunny Stock Island. The starting bid on this two story unit is only $99,000. I have not seen the unit itself, but others have recently sold for a lot more than the current asking price on this unit.

3711 Duck Avenue is located in the New Town area of Key West. The starting bid on this single family home is only $69,000.

The final is a condo at 201 Coppitt Road (Unit C 204) on Big Coppitt Key. The opening bid is only $5000.

Two of the properties have been listed by a real estate firm out of Miami that has no physical presence in Key West. I personally think Realtors that list properties this way are hurting the seller and harming the local community as well. The bank owner does not get its property promoted and shown properly; the property stagnates and does not sell; the property is sold at a huge discount to its real market value; and that discounted price tends to drive down prices of other houses in the area.

Checkout the links and checkout the properties. All homes Open for inspection 11AM to 4PM on 11/22/08, 11/23/08 and 11/29/08.

Read the RULES at the website carefully. The RULES must be followed. Advance registration is required. This is not a solicitation for business on my part. I am not affiliated with the auction or any of the properties listed.

But if you are looking to buy a place in Key West, I would appreciate your phone call to me, Gary Thomas, 305-766-2642, or e-mail at kw1101v@aol.com.

Harpoon Harry's--On the Waterfront

Harpoon Harry's is to be Auctioned on March 31st.

One way to sell real estate is to auction it. In some auctions, the seller places a "reserved price" or a price below which he will not sell. Other auctions are absolute, meaning the seller will sell to the highest bidder without reservation.

There are two things that make this particular auction interesting to me. First, the property has an excellent location and an excellent reputation. All kidding aside about the flood pic above showing the property right after Hurricane Wilma, the property is located right at the foot of the historic Key West Seaport. Turtle Krals and The Half-Shell Raw Bar are located just across the street and really on the waterfront. The entire waterfront area is undergoing a massive renovation. CLICK HERE to see my post regarding the Harbor House Condominiums just one block to the west. So I view this property as a Prime Real Estate Investment. CLICK HERE for full auction details.

Second, the seller is not only attempting to sell the restaurant, but also 4 beautiful new single family homes located in the Bahama Village area of Key West. The houses are on Terry Lane and have views of the Key West Lighthouse. I think they were priced too high per square foot and that the price has deterred price conscious buyers.

So it will be interesting to see how the auction goes.