Beautiful Arts & Crafts Style House - Bank Owned - 830 Simonton Street - Key West

This Old House as it looked in 1965

A local bank owns the old house pictured immediately above. The old black and white photo was taken in 1965. Until a couple of months ago this property looked a little worse for wear. The years took their toll. Owners came and went. And then the lender did what lenders do when loans are not repaid as agreed: it foreclosed. But instead of letting a decent asset sit and fester like a lot of Big Banks that are Too Big To Fail do, the local bank did the unthinkable: it fixed it up. Not a little but not all the way. But it did enough to make potential buyers see the real potential of this very attractive arts and crafts style home that was built in 1943. Take a look at her now, below.

Above Photos taken March 25, 2010 - Key West

This property is located at 830 Simonton Street near Truman Avenue. It is zoned HNC-1 which is short for Historic Neighborhood Commercial-1. Uses for this zoning include include residential (including single family, duplex, and multi-family) and limited commercial including professional offices, banking and financial services, personal service shops, specialty shops, limited retail, transient accommodations and guest cottages. Rather than rely on what I write, do your own investigation to determine suitability for the use you intend. CLICK HERE to read the City of Key West zoning ordinances and consult with your own attorney. Just because some use may be permissible does not mean you will necessarily be able to do what you want.

Photo from kitchen looking through proposed bath No. 2 and into second bedroom

Photo from living room through dining area with kitchen beyond

This 1204 sq ft building (County Appraiser records) sits on a corner lot (47.33' frontage X 58.07 ' deep or 2,756 sq ft). The building has just been painted and it looks fantastic. The roof is new; the front railing on the front porch is new; the retaining wall is new; the electric is new. All of the windows are original. They all work properly! The contractors that worked on this house did a really professional job on the projects they did. The interior is currently framed for three bedrooms, two baths, and a kitchen. A laundry closet already has been framed and plumbed and awaits drywall. Extensive building plans are available. It looks to me like the interior spaces could be changed fairly easily. But I'm not builder so any buyer needs to determine how "easy" easy can be and how expensive "easy" can be as well. There is one off street parking space. After the interior is completed, put up a nice fence, add some nice plants, and you could have one sweet looking old house in Old Town Key West. Although it is doubtful that you could get a transient license, you could rent this house as a legal vacation rental. It's proximity to Duval Street with three bedrooms and off street parking make this a great candidate for a vacation rental. CLICK HERE to checkout the mls listing datasheet and to view mls listing photos. Or you can CLICK HERE to view photos I took of this property.

This arts and crafts style house is Bank Owned and is offered at $399,000 "as is". Please contact me, Gary Thomas, 305-766-2642 for more information. This property is not in the mls. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

529 United Street - Old Town - Key West

The quaint little cottage at 529 United Street was just listed by Preferred Properties Coastal Realty, Inc. The listing agent implores the reader to "Think Outside the Box" when exploring the possible uses of this cottage. This is how the agent describes 529 United Street:

"Think outside the box on thischarming 2 bedroom, 2 bath cottage. Legally zoned to house one commercial space and one residential apartment, its all in place. Your location could not be better, just 1/2 block from Duval Street with plenty of street parking available. This cottage is a receiver site for a transient rental license offers great curb appeal and would make a delightful vacation rental property or single family residence. Past uses of this cottage include a Real Estate Office and a Mortgage Brokerage office."

The listing agent says the house has 900 sq ft of living space and sits on a 1563 (58' x 226') sq ft lot. The cottage is located near the corners of United and Simonton Streets at the southernmost end of the island. The place does not have room for a pool or even a hot tub. What it does have is an excellent location that is near the Atlantic Ocean. (South Beach is just one block away.) The quieter section of Duval is just one-half block to the west. Old favorites like La Te Da and the Banana Cafe are only a couple of minutes by foot. For a cup of con leche or an economical lunch, Ana's Cuban Cafe and the adjacent Southernmost Deli & Groceries is one block to the south.


529 United Street is offered at $389,000. I was inside the building a few years ago when it was used as a mortgage broker's office. The price and location make this listing interesting enough to take a look to see what uses it could be put to today. I agree, think outside the box on this listing. CLICK HERE to checkout the mls listing data on this property.

If you are looking for a place in Key West, please consider working with me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

527 Fleming Street - Old Town - Key West

527 Fleming Street - Old Town - Key West

527 Fleming Street in May 2010

527 Fleming Street as it appeared in 1965

Just listed, but not by me, 527 Fleming Street in Old Town Key West. This great house was built circa 1899 according to the Monroe county Tax Appraiser records. Just about every tourist in Key West has passed by this place at least once. It sits across the street from the main Fausto's Food Palace midway between Duval Street and Simonton Street. The imposing house has 3912 sq ft of living space and it sits on a 4528 sq ft lot (45' x 100'). The listing Realtor describes this property thus:

"A most UNIQUE & exquisite mixed-use historic property in the very heart of the upscale Old Town Key West commercial district, steps from Duval. First floor retail space with EXCELLENT visibility; Tranquil & charming 3 bedroom/2 bath residential unit on 2nd & 3rd floors of main house; lovely pool cottage w/private patio & hot tub with TRANSIENT license. Fine, detailed craftsmanship & Dade County Pine throughout. The options are numerous: Rent the retail and cottage to pay your mortgage and live in the fab upstairs apt; OR, run your own gallery or business on the 1st floor, live upstairs and rent the pool cottage; OR rent the entire property and watch your investment appreciate. Some furnishings included. This property literally has it all!"

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There are a couple of very simple points in the above description that warrant further consideration. The property is currently configured and licensed for a variety of uses including light commercial (retail), transient rental, and non-transient residential. A professional like Owen Marshall or Marcus Welby, M.D. might have his office downstairs and live upstairs and continue to rent the cottage as a transient rental. An artist might use the current shop as a small gallery and decide to live in the cottage and rent the two story living space as the transient rental. (You need to check on the permissibility of doing that, but I don't think the transient license is necessarily identified by particular rooms but rather it is identified by address. ) My advice to someone considering this possibility is to consult with a local real estate attorney.

CLICK HERE to view the Key West mls datasheet for more detailed information. This property is offered at $2,400,000.

Returning visitors to Key West love being close to the action. They like to be able to walk wherever they want and know that they can find their way home at night. They love having a nice sunny pool and cooling shade. They appreciate having off street parking. They love being able to sit on the front porch and watch all kinds of humanity walk by and have come to expect to see it in Key West on a daily basis. 527 Fleming Street meets those requirements in spades.

If you are looking for a second home or a small business in Key West and would like to see 527 Fleming Street (or any other property as well), please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Let me help you find your place in Paradise.

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Strip Center - 1200 White Street - Key West

1200 White Street Strip Center Key West Florida in 1965

The same strip center in 2010

The strip center shown above is located at 1200-1206 White Street in Key West. Locals know the building by sight. Ugly sight. A sight that needs razed and rebuilt or renovated into something befitting the location. The asking price has been reduced to $999,000. CLICK HERE for more info and photos.

This is how the listing Realtor describes this property:

"A rare, mixed use strip center with adjacent parking lot on busy White Street in Key West. There are three commercial units and two residential units on this property. Property was formerly used as a bakery and has the potential to be opened under a similar use. White Street is the fastest growing commercial corridor in Key West, acting as a border of Old Town and New Town Key West.Owners may consider owner financing package. Included in sale 1212 White Street."

The property sits in the last block of commercial property in the 1200 block of White Street. All of the remaining properties situated to the south lead to the Atlantic Ocean and the beaches except for two small churches and a doctor's office that is located in a house. The commercial enterprises in the immediate vicinity include the Island Gym, a real estate office, a super expensive hamburger joint, a hand job car wash, Island Tile, Dog 30, a real estate appraiser's office, several yoga places, two gas stations that sell very expensive gas (must be imported or something), several art galleries and antique stores, several hair clip joints, a very confusing French restaurant, more art galleries, a travel agency, a few guesthouses, and Faustos Grocery. The National Weather Service is located one block to the south across the street from the old Key West High School that is used as an elementary school today.

Two parcels that are for sale that have a total square footage of 8147 sq ft according to the listing Realtor. The two properties have approximately 153'.26" frontage on White Street. The lots are 51'9" deep per the Monroe County Appraiser's website.

The adjacent parking lot at 1212 White Street is included in the offering

1223 White Street Key West Florida in 1965

The same location but all new and really attractive mixed use development in 2010

Cars enter on United St and exit on White Street

Look a the three photos immediately above. The black and white pic was taken in the 1960s and shows a one story CBS building (concrete block structure) that was used as a pizza parlor. That structure was razed and a new commercial /residential building with parking was erected in 2007. The new building is mixed use of commercial office space on ground level and residential apartments on the second. A nice bricked parking area and landscaping complete the parcel development. The property at 1200 White has about 40' less frontage but the lots are just about equal in depth. I think that a structure somewhat akin to the building above might work for 1200 White Street. The 1200 White Street lot size is smaller and a new building could not be as large as the one pictured.

There is a real need for nice new office space with parking in the Old Town and Mid Town areas. If you are an investor or developer looking to acquire a development parcel such as this, please call me, Gary Thomas, 305-766-2642 or Phil Wilson, 305-394-4105. We are both full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Phil Wilson has extensive commercial sales and leasing experience. Together, let us help you find your investment opportunity in Paradise.

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You're Gonna Howl with Laughter at this New Bank Owned Key West Property

From Dale McDonald Collection showing a funeral march through Old town

I have written before that in a prior life I did commercial loan workouts for a couple of big national banks in Denver. Part of my job responsibilities included the sale of bank owned properties. I got pretty good at doing my job. I tried to get the last nickle out of every deal, but I knew that when I had a problem property I had to sell it and get rid of it. I only "fell in love" with a couple of properties that I refused to sell at give-away prices. One such property was a big two story house on the golf course in East Vail. We had lots of offers from greedy buyers that thought they would steal the place. They lost.

When I had a dog foreclosure, I got rid of it. Sometimes we had to fix the dog up and make it pretty enough to attract a new buyer. You must understand that all dogs are not ugly. Some look perfectly normal. But location and previous usage can make a once viable property a pretty difficult sale after a property has been foreclosed upon. One such property was a small house that had been converted into offices near City Park in East Denver. Nothing 0dd about the conversion except the neighboring property had become an abortion clinic which was being picketed all the time. Another time I took over a medical building in North Denver. That building had been used as a pill pushng clinic where the doc pushed diet pills and Valium. The building had creepy old medical devices and lots of pills stored in boxes in the basement. We could not sell the drugs and absolutely could not throw them out. I ultimately found another doctor to purchase the building and he took responsibility for disposing of the furniture, fixtures, equipment and drugs. Yet another time I took over a gun store filled with weapons and ammo. I have never fired a gun in my life and being in that place scarred me. I found a buyer with the proper license to take all of the inventory and we were out of the gun business in a hurry.

All of this leads up to a new Key West listing of another key west real estate company. The property in question is located at 325 Julia Street in the Bahama Village area of Key West.

The listing Realtor says

"Presently licensed for use as Evergreen Mortuary and Conch Conquering Lion Construction. Second story has one bedroom residential unit."

I started to howl when I read that line. But then I looked at the pics of the listing including the viewing parlor, the embalming room, and that special room with the big table saw, I doubled over in laughter. CLICK HERE to checkout the mls listing info.

325 Julia Street back in the day. Now Bank Owned!

The Parlor at 325 Julia Street

The Embalming Room I guess

The room with the table saw! I hope we never see this place on America's Most Wanted

A few weeks ago I was showing property near the Key West Cemetery. We were in my car driving on Windsor Lane where I intended to go south to my next appointment. I had to hold-up a bit as there was a funeral procession (march) making its way slowly down Windsor Lane toward the cemetery. (Just like the one in the black and white photo taken in Key West in 1934,) When we managed to reach Galveston Lane I took a sharp right and made my getaway.

We don't have that many funerals in Key West because Key West isn't all that big a town. I understand that there are few if any remaining unsold burial plots at the cemetery. I kinda fear being taken to anyplace else in Florida. You must have seen the horror stories about Florida cemeteries and bogus burials. It is comforting to know that people in Key West still have reverence for the recently departed. I mean that in all sincerity. But since there are not a lot of burials, it is nice to know one could use the none mortuary space for other uses such as construction.

The 2460 sq ft mixed use building at 325 Julia Street is offered at $489,000 or $199 per sq ft (50.25' x 79.33'). A couple of other funeral homes have been sold in Key West in the past few years. This could be a fun project for someone in need of Hmdr (Historic medium density residential) permissible zoning space.

I would be happy to show this property to serious buyers. I make light of the listing because of the incongruity of use between mortuary and construction office. But let's not waste someones time for a laugh. Please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

Run Away to Paradise! It is now Bank Owned!

Back on April 15th I suggested that some buyer ought to buy the little sandwhich shop at 811 Fleming Street. CLICK HERE to read what I wrote then. That deal is gone.

The former Paradise Cafe located at 1000 Eaton Street in Key West, Florida is now Bank Owned. It is offered for sale at $750,000. The purchase price includes the 1491 sq. ft. building that sits on the 4020 sq.ft. lot at the busy intersection at the corner of Grinnell and Eaton Streets. (The parking lot has ten parking spots.) Also included is the signage and the kitchen equipment in place. Bank Financing may be available to a qualified buyer.

This place was always packed with locals and tourists. A new owner ought to be able to recapture the market. I purchased a foreclosed guesthouse in December 1993. It had be shut down for two years. Boarded up even. I did some cleaning, put up a new sign, and opened the doors for business on Februrary 2, 1994. My rooms were sold out in a week. People go back to places they like. They are creatures of habit. Good locations attract new business, especially when people see that the place is busy.

I made a decision to run away to Paradise and I did it. I sold that business and made a real good profit. I have never regretted leaving life in America and coming to Key West. You can spend the rest of your life working your rear off to save enough to buy a place here-someday. Or you can learn to make a great sandwhich in Paradise and live the life you have dreamed of for a long time.

Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. This property is not listed with any real estate company. It is not in the mls.

The Key West Bank Dick - Part Two

I've complained before that the Key West Association of Realtors mls database does not automatically show bank owned properties. Some Realtors believe that lender-owners do not want to disclose to the public that a bank owns a piece of property. I guess that is possible, but having worked in the Special Assets division of two banks, I know that we advertised we were selling bank foreclosures. There is a segment of the market that wants to buy bank foreclosures: they think they are going to get a deal. They have watched those late night infomercials on how to buy real estate in a down market.

I decided to do my best imitation of W.C. Fields as The Bank Dick and went through the mls database and found the properties CLICK HERE that are bank owned. These properties are primarily single family homes in Key West. A couple of the properties are very nice. So there may be a real bargain if you play your cards right. I suggest that you look at 3 Casa Roma Lane and 1710 Bahama Drive, both are water properties and are located in Key West.
If you are interested in MidTown CLICK HERE to see 1300 Ashby. It is a large house with 3 beds, 2 baths, on a large lot at only $309,000.

If you are looking for commercial property, CLICK HERE. There is a Duval Street Transient Licensed property ($4,300,000), a Stock Island multi-unit property (2,300,000), and a Key Largo commercial property ($3,300,000) that are each Bank Owned. Bank financing of these properties may be available.

Most of the bank owners periodically reduce the asking price on properties that do not sell. Some of these properties are getting stale. They have been on the market a long time and nobody wants them. A couple actually look pretty interesting. Checkout the list and if you see a property that you like, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Let me be your Bank Dick and let's find a deal.

Big Bad George

I'm not going after the former President!

Last week I urged my readers to quit their jobs, move to Key West, and become an "I used to be" by purchasing a great little property at 811 Fleming Street (CLICK HERE). That property went under contract on Wednesday, so you are outta luck on that one.

But, fear not, there is another opportunity awaiting some sharpie with an athletic background, or a resauranteur, or maybe just someone with a good business acumen. I'm talking about the new listing at 19269 Bad George Road on Sugarloaf Key. CLICK HERE. This is a Preferred Properties listing.

The listing agent describes this property thus: "Great opportunity to have your own Restaurant, Sports, and Leisure Club with large pool and hot tub on a private 2 acre lot complete with 3 clay court tennis courts. 150 seat Restaurant and Bar for SRX license capability. Also, two residential apartments with a renewable transient license. Many improvements have been made including 2-zone A/C in restaurant. This property is only 15 miles away from Key West!"

The restaurant includes both inside and outside dining and a separate sports bar area and poolside service. Many improvements have been made including two zone air conditioner in the restaurant and the enlargement of the kitchen with a $25,000 hood.

Many people that work in Key West live in the Sugarloaf Key area. It is 15 miles from Key West. Sugarloaf is also the location of many second homes for people that live up north in America. Not everyone wants to get in the car and drive to Key West every morning to go to the gym or play tennis. And not everyone that lives up there has a pool, although most live on canals or have water views. It looks to me like there is a captive audience of locals in the Sugarloaf area that would use a facility like this.

If you are thinking of relocating to the Keys and want to have something to do, you owe it to yourself to take a look at this property. To see this property please call me, Gary Thomas, 305-766-2642.

Going Up?

If you are among the potential buyers who have learned to search the real Key West Association of Realtors mls website (CLICK HERE), you may have noticed that a few properties have recently had price increases. That is not a typo. Price increases.

Take 623 Fleming Street as a case in point. I wrote about 623 Fleming in January when it was just listed for sale at the then asking price of $895,000. Everything I said about it then still holds true. Except the price. Now it is priced at $975,000 or $554 per square foot. And since I'm incredibly lazy, I'm just going to copy and paste what I wrote then.

"It had to happen. The "For Sale By Owner" attempt did not work. The house located at 623 Fleming Street was offered for sale by the owner for the better part of last year. The house won the Debbie Award in 2004 for Rehabilitation (Tom Pope was the architect). I showed it several times during the year. I like the house and the location a lot. It does not have off street parking. It does not have a pool, but the owner told me he had HARC approved plans (which may have expired) that would permit a small pool. Nothing in Key West is assured unless it is in writing! And then it may be negotiable.

Here is how the new listing Realtor describes this Key West property: 'Great Old Town location! Renovated two bedroom and two and one half bath Conch house. Loaded with coveted Dade Co. pine and also featuring many modern details such as a beautiful kitchen with granite counter tops, crown molding and a central vacuum. Awarded the HARC Excellence Award in 2000. The exterior features the quintessential front porch, a side yard, and decked back yard.'

The house has a really attractive street presence. There is a big grand old dame of a house located just next door to the east that is currently on the market. CLICK HERE to see the house next door to the east at 426 Elizabeth Street offered at $2,195,000. Next door the the west is The Campbell Courtyard Condominiums. This property was developed in the early 1990s and is a mix of renovation and new construction. The Ambrosia Guest House is located directly across the street. And The Marquesa Hotel is located at the corner of Fleming and Simonton Streets. I mention the neighbors to help the reader appreciate the prime location.

The house at 623 Fleming Street now offered at $975,000. The house is a 2 bedroom 2 bath with a generous 1760 sq ft of living space -- all in good condition and very livable. It sits on a nicely landscaped lot of 2060 sq ft lot in a prime location. It has just about every bell and whistle most second home buyers want (except the off street parking and pool)."

CLICK HERE for more info and photos of 623 Fleming Street. If you like what you see and want to see it in person, please call me, Gary Thomas, 305-766-2642 or contact me by e-mail at kw1101v@aol.com. Better think seriously about buying now before everybody gets into the act and start to raise prices!

Last week I commented about a particular person with a real estate license that actually increased the asking price on a short sale property. Well, a few more short sale properties have had the asking prices increased as well. And there have been regular houses in good areas that have had price increases. Not many, but enough to take note. 623 Fleming Street is a real sweet house.There are only a few such well located sweet houses available. As the market on such properties decreases through sales, it is logical to expect prices to increase. If you think prices will continue to stay low, think again.

Invest in Key West

The stock market is probably going to go ape today with word that the United States is going to give AIG another $30 BILLION. Markets in Asia have already burped real bad. The financial news keeps feeding the hysteria and gives credence to the prophets of doom and gloom.

Thirty years ago as we were emerging from our nightmare over South Viet Nam, the ouster of Richard Nixon from the White House, sky rocketing oil prices, inflation, deflation, and stagnation, the county went through a similar economic downturn. What we did not have at that time was 24-hour-a-day news channels and the Internet scarring the beejesus out of us. I'm not saying the economy isn't bad. Back then it was Chrysler that was facing closing down. New York City faced failure in the face. The country responded by building K-cars and painting our appliances harvest gold and avocado green. Chrysler is still making cars and New York City has had its share of ups and downs, but it is still there.

I think there may be some good deals to be had by investing in Key West multiple housing units. I went through the inventory of 3-4 units and selected a few that you may find interesting. A couple of the properties are being offered by the estate of a recently deceased owner. There is at least one short sale in the bunch as well. A couple of the properties are located in really good locations and might be candidates for demolition and rebuilding into a single family home. And there are a couple of workhorses that have years of proven profitability (based on the acquisition cost). CLICK HERE to checkout the list. Most of these properties are lived in by either long term tenants who have lived in the same property for years. A few are apartments for people who rotate through Key West on a seasonal basis. There is always a need for reasonably priced rental properties in good locations. So that is why I think some of the units on the list may be appealing to a buyer looking for an investment property. I am not recommending any one property (or even all of them). I am just providing a list of units that may interest potential real estate investors.

Speaking of investing, I want to mention that Philip Wilson is a fellow Realtor (actually he is an Associate Broker) at Preferred Properties. Phil is a real estate and financial expert with 38 years experience in the private and public sectors specializing i commercial and corporate real estate. Prior to moving to Key West, Phil was the Senior Vice President, Corporate Services for one of the largest international commercial real estate firms. And prior to that, he was a senior executive with the federal government in Washington, D.C. responsible for planning, real estate, design an construction of a nationwide portfolio of 35,000 properties with 300 million square feet, valued in excess of $15 Billion. Phil is an accomplished troubleshooter and problem solver who meets challenges head on.

CLICK HERE to view Preferred Properties commercial properties (for sale or for lease). If you are a buyer or a seller, let Phil and yours truly help you.

If you see a property that interests you, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Or call Phil Wilson at 305-394-4105 or email Phil at pewtar@aol.com.

Bank Owned Properties - Key West

It's that time again to list the current single family houses and multi-units that are bank owned and offered for sale. CLICK HERE to checkout the current inventory. If you have been following my little blog for some time,you will note that some of the properties are no longer available. Some actually get sold. Some sales take forever to occur, and others can occur very quickly. You may see that several of the properties have had the asking prices reduced.

Some buyers mistakenly think banks are so over-whelmed with the inventory of foreclosed homes that the banks are aching for offers just to sell the houses. Not true. I used to work for a couple of major Denver banks and one of my duties was the management and sale of bank owned real estate. Banks are methodical and make business decisions based on appraised value of the asset, holding costs (taxes, utilities, fees, etc.), real estate commissions, final closing costs, and date of closing. All of those factors are used to determine the "bottom line".

Banks rely on Broker Price Opinions and appraisals to set the asking price and to determine the acceptability of an offer. Appraisals are backward looking. The appraisal uses sales data from prior sales to help determine the present market value. This can be really difficult in a declining market such as the one we are experiencing in Key West.

Banks are adverse risk takers. I recommend that buyers write simple offers with limited contingencies. The less complicated the offer and the quicker the closing, the more likely the offer is to be accepted or countered. Ridiculous offers (price, terms, delayed closing, contingencies on selling other properties, etc.) generally will not be considered.

A lot of the properties banks acquire through foreclosure end up in the bank's portfolio because the prior owner could not sell the property. Key West buyers know that some blocks or areas are not as desirable as other areas. Busy streets are almost always a hard sell. Some houses have structural issues, deferred maintenance, prior flooding, bad neighbors, etc. Those factors can significantly impact the ability to sell in any market but make sales in a depressed market really difficult.

There are two commercial bank owned properties currently available. One is a combination of commercial Duval Street frontage and transient rental accommodations. The second property is a condominium development on Stock Island that went astray. CLICK HERE to checkout those two commercial properties.

Some bank owned properties come with sales incentives or even bank financing offered by the bank owner. Read the fine print on each listing shown on the links to see what incentives may make your purchase more attractive.

If you see a property you like please cal me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to arrange a showing or to request more information.

Key West - Bank Owned - Properties

Believe it or not, there are a couple of pretty nice single family houses that are BANK OWNED and that are now available. CLICK HERE to checkout the properties. (There are a couple of multi-family included because I'm too lazy to do a separate list.) Please take a few minutes and go through the list. There are properties in all Key West locations and in low to moderate price ranges.

If you are looking for a house with a pool, do not skip a property because you do not see a photo of a pool. You need to read the comments or read the mls data sheet. The data sheet should tell the reader whether the property has a pool or not. For some reason some Realtors sometimes fail to upload photos the showoff the finer attributes of some properties. Due your homework and read the list. Drive by the properties if you live in Key West. You may surprise yourself by what you find.

Don't let a street address or a messy front yard deter you from checking out a house if it meets your search criteria. I've been very surprised by a couple of very nice houses on Flagler.

Countrywide owns many of the houses on the above list. Countrywide is offering financing to qualified buyers and is also paying some closing costs on some specific properties. Take the time to find the values and incentives that the bank owners are offering buyers. It's not often that you get an opportunity like this.

Again, CLICK HERE to see a list of single family bank owned homes in Key West.

If you are looking for a building lot or commercial property, CLICK HERE. There is one development lot; a mixed use building on upper Duval Street with commercial space downstairs and transient licensed guest rooms upstairs plus a pool and off-street parking; and a ten unit apartment complex on Stock Island. All are BANK OWNED.

There are only 20 days left for this calendar year. Banks run on numbers. I used to work in a really big bank and one of my jobs was selling bank owned assets. Believe me when I tell you that there is still time left to make a good deal on a bank owned property in Key West. The best time to buy is right now and be able to close by the end of business on December 31st. The reason: it's the end of the quarter and perhaps year end for some banks. The more non-earning assets (foreclosures) they get off their books and turn into cash the better.

Write a real offer. Offer cash and make the offer as clean as possible. If you have to borrow, have your financing pre-approved and be able to move a lightning speed. Most of the civilized world starts to stop working any day now because of office parties and people taking extended days off. If you want a deal now, you are going to have to work to make it happen. But then people who work hard usually end up getting more and better things than those who sit around and carp.

If you want to really buy a place in Paradise and need someone on your side, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

Key West Bank Foreclosures -- déjà vu All Over Again

It seems like it was only last week that I created a list of current bank owned properties in the Key West area. Well, it actually was last week. There have been a couple of changes so I thought it best to update the list. CLICK HERE to see the new list of single family homes.

Some of the houses in the above list have pools or are located on canals. A couple of the houses are really very nice and are priced aggressively to sell. A couple of the houses owned by local banks in Key West may even qualify for bank financing from the seller at competitive rates. So I suggest you look over the list carefully and not dismiss all of the houses as being dogs. That is not the case.

I did not include teh the above list the numerous condos and town homes in Key West, Stock Island, or the areas up to Big Coppitt Key.

There are two commercial properties investors might want to checkout. One is a mixed us building at 824 Duval. CLICK HERE for limited info posted by the listing realtor. I can provide more detailed info for interested buyers.

The second property is a condo project that did not get completed on Stock Island. Again the listing agent has only put limited info on-line. CLICK HERE to review that info. I am quite familiar with the project. I submitted an all cash offer to the bank that ended up owning this property for an amount near the asking price two years ago this month. The shrewd banker turned down my client's cash offer.

I went to the courthouse earlier this week to checkout a couple of files of pending foreclosures. Just before the judge enters and order authorizing the sale, the party seeking the foreclosure (usually the bank) submits an itemized list of all amounts it claims due on the mortgage including principal, interest, attorney fees, costs, appraisal fees, court costs, legal process fees, escrow reserve short falls, etc. The judge reviews the list and typically enters an Order that becomes a Final Judgment that includes those sums and that amount is what is bid by the foreclosing party at the public auction a few weeks later. The bank wants to load up the costs so high as to prevent some other party from buying the property at sale or inhibiting a party who has a right of redemption from exercising that right. I wasn't surprised to see that the practice has not stopped.

I think there is going to be a huge rally right after the election on November 4th. That happens after every Presidential election. But the stress on markets all over the world will be eased when the US elects its new President. If Obama wins I think European markets will soar. The Europeans hate Bush and the Bush policies. I think they see Obama as a leader who deliver all of us from the abyss. If I am right and the election marks the beginning of the end of the bear market, prices will gradually start to rise. Right now prices continue to drop. So I think now is a really opportune time to buy at or near the bottom of the market.

Want to buy now? Please call me, Gary Thomas, 305-766-2642, or e-mail me at kw1101v@aol.com for more information.

The Curry House - Key West - For Sale

Just Listed: The Curry House Key West. No, not The Curry Mansion. The names sound similar, but the inns are quite different. CLICK HERE to read all about the historic Curry Mansion. It is located just off Duval on Caroline Street near one of the loudest locations in Old Town.

The Curry House, on the other hand, is located just far enough from Duval at 806 Fleming Street to be convenient, but not burdened by the noise and commotion. CLICK HERE to view the website of The Curry House.

This is how the listing realtor describes this listing. "Boasting classic Old Town Key West charm, the historic Curry House Bed and Breakfast offers a unique opportunity to own one of the few B&B's with a commercial kitchen to provide hot meals to guests. Built in 1889, this charming three-story house has 9 guest rooms, wrap-around porches, private verandas, parlor and spacious rear patio opening onto the large heated pool and gardens. Rooms feature hardwood floors, Dade county pine, refrigerators, cable TV, phone, wireless internet, A/C and ceiling fans. Located 3 blocks to Duval Street and the Historic Seaport, this alluring B&B welcomes gratified guests year after year. 8 transient licenses and managers unit. Turn-key operation."
CLICK HERE for more info and more photos of The Curry House.

A couple of weeks ago I wrote about the sale of The Artist House guest house (CLICK HERE). Re-read that blog for more information on transient license issues on guest houses in Key West. The Curry House is listed for sale at $3,200,000 (that is $400,000 per licensed room!). The Artist House sold on August 15,2008 for $355,000 per room.

I used to own a guest house, and I know the business. That is why I am perplexed by the asking prices of all the guest houses listed for sale in Key West at this time. CLICK HERE to see the guest houses currently available for purchase. In my opinion a guest house is a business. Anyone who buys a business expects to make money and have it be profitable. I do not think any of the properties on the list above can justify the asking price. But that is just my opinion. People who buy guest houses are buying jobs and buying a lifestyle. They are buying into the idea of being like Bob Newhart, operating an inn, and living in Paradise. If only life were that simple.