Key West Recent Sales Update

A Key West Dream House

We just passed the half-way point of the Key West seasonal real estate sales. At least that's the way I view it. Most real estate sales occur during the time period between Christmas and Easter because that is when there are more potential buyers in town looking to purchase property. When the weather up north turns nice the snowbirds go back home and spend their summers at their main homes or perhaps a summer place. For that reason most serious sellers try to list and get their Key West real estate sold when the largest number of potential buyers are in town.

I did a quick search of the Key West Association of Realtors mls database to determine the number of single family homes that have sold in the Key West area from January 1, 2012 to March 1, 2012. The sales results are shown in the graph below.


The sold prices on a per square foot basis followed the norm for Key West properties as well. The 5 low end units sold for the lowest price on a per square basis at an average of $211. The 22 mid range units sold at an average of $614 per square foot. And the 2 high end units sold at $588 per square foot. I must remind readers that housing prices in Key West vary greatly based on location, size, and amenities. We have a diverse housing stock with mansions that are located on blocks with houses that look like they have never seen a coat of paint. Internet real estate websites that project 'values' of dissimilar properties do a disservice to users because the computer database wrongly assumes nearby properties are of the same type or condition. We know that is not a truism in Key West.

Easter Sunday or soon thereafter the seasonal buyers will head back up north. Properties that go under contract through that time period will continue to close for a couple of months thereafter. We will likely see a slump in sales over the summertime as that is the norm for summer. Sales will probably hit a low point in September and October which are traditionally the worst times to sell in Key West. Hardcore buyers that want the very lowest priced property may want to wait it out to see what is available next fall. The problem with waiting like that is you can never really know what will be left.

Most Realtors that I talk to have a group of active buyers who are looking for that great little second home that the buyer can use during the winter and maybe occasionally rent the rest of the year. They want a place priced between $350,000 to $700,000 or so. They want a pool and off street parking and charm and location. If only we lived in a Disney community, we could all have places like that. Instead we live on a little island in the middle of the ocean that's a pain to get to and where houses are priced outside the reach of many. The bargain real estate market of a couple of years ago is becoming a memory. If you wait too long you may get priced out of the Key West market a second time.

CLICK HERE to search the Key West Association of Realtors mls database to find your place in Paradise. If you see a property that you like, please consider working with me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

Key West Dream House

"First comes thought; then organization of that thought, into ideas and plans; then transformation of those plans into reality. The beginning, as you will observe, is in your imagination."
Napoleon Hill

The pic immediately below was taken about three years ago. It is a pic of a smallish eyebrow house in Old Town Key West. The house had a For Sale sign on it for quite a while, but it eventually sold. I showed it twice. The listing agent would not go inside because of the stench and filth. Owners lived there, trapped inside this house of hoarding. Paper and plastic bags everywhere saving God knows what or why. On one showing my buyer started to proceed up the narrow stairway to the second floor. He paused and turned back to me and said "Gary, I can't do it! The smell is so awful." I told him to breath through his mouth. We were up and then out in a flash. A nice house in a great location, but too much work and cost, he thought. The house had two licenses, meaning it could be used legally as a duplex. Again, only God could understand why someone might even consider that. Yet, the well worn look of that house intrigued so many potential buyers who dreamed of what they could do with it. One person acted and the old reality is transforming into a new one.


I took some photos to show what is going on at present. I have used the term staple gun decorating to describe some of the cheesy redos I have seen in Key West. Those redos usually consist of cleaning a place up, a good paint job, floor replacement (often with a floating floor which I hate), replacing kitchens and baths with stylish new cabinets, nice lighting, cheaper stainless steel appliances, and granite. The things that are visible are the features that get attended to. What is not seen is often not attended to.

I remember one developer(who is also a real estate broker) who renovated a house on a little lane a few years ago. The place looked so cute. I remember showing it on New Years Eve in 2004. As we stood inside I looked back at the entry door and noticed a big gap underneath where sunlight was shining through. When we went into the kitchen we saw an expensive Italian light fixture that looked just great. But when I asked how somebody was supposed to actually cook in the kitchen at night with that cute little solitary light, the developer-agent scowled at me. The developer had not attended to the foundation of the house which meant the floors were uneven. But what do you expect for a million bucks?

The photos shown below are illustrative of what a thoughtful renovation must entail. I haven't seen the plans and I don't know the architect or owner. A very respected local builder is apparently doing the renovation. I'll check back in a few months to give you an update. Take some time and look at the pics. They may be helpful in seeing what is sometimes necessary to do to fix an old house that was neglected for too long. Understand that most houses do not have to go through this kind of a renovation process. This is extreme home makeover, for sure. By looking at the lengths that someone is willing to pursue to pursue to transform their dream into a new reality for this old house.

This photo shows the house elevated several feet off the ground. The main floor is gone and all that remains is the "eyebrow" or second floor portion.

This is what remains of the underside of the house. Big holes have been bored into the ground for placement of new concrete piers.

Look carefully at the top of this photo where you will see a window that is actually hidden from street view. Placement of windows like that allow the windows to remain open during the day and even during storms. These windows allow some light and cooling ventilation inside the house.

This photos shows what was the second floor of the old house. Now that all of the clutter and cramped living spaces are gone, the new house has a fresh start on re-imagining what this house can become.

The two above photos are taken from Elgin Lane looking at the underside of the house as it temporarily sits awaiting new piers on which it will be transformed into its new reality.

CLICK HERE to search the Key West Association of Realtors mls database. If you see a property that interests you, 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. Not all "fixers" have to go through such a process. We are in the summer lull right now. There are still some good nice homes that are affordably priced. Please give me a call and let's find your new place in Paradise.

Florida Keys Dream House

You know how you don't listen to commercials until something strikes your interest, and then you scramble to remember what you heard. That happened yesterday as I was watching HGTV. There was a brief announcement about New Year's Day and the Florida Keys Dream House. To the computer I flew. Sure enough, HGTC built a dream house down here and I didn't even know about it. Of course, they built it in the wrong place.

Islamorda, Florida is located about 80 miles north of Key West (Paradise)on U.S.1. Former President Bush and lots of rich folk go there to fish. Big fishing place. Not much else to do, however. Lots of very expensive homes located directly on the water, however. And lots of houses with their pools and outdoor dining areas covered with screens to prevent being eaten alive by mosquitoes. That's a problem in lots of parts of Florida, but not Key West. We have an army and an air force (no exaggeration) that keeps the little creeps at bay.

CLICK HERE to see more pics of the really nice dream house that HGTV built. Watch the show. Enter to win. Be careful, you may win and get to pay taxes on it. And be stuck owning a very expensive home in the wrong location.

There is nothing to do anywhere between Key West and South Beach. Nothing. Everybody comes here to live. People may sleep and eat up the Keys, but they come down here to live. So don't make a $2 million mistake or even a $300,000 mistake. Key West is where you want to live your life. You know it.

Every week I create a flyer of homes priced under $899,000 that I place outside our office. There are a lot of very creative people in Key West and I will be you that you could buy a nice house in a good Old Town location priced under $899,000 and create your own Dream House that would out-do the one located up Islamorda way. Location is one of the most important things to consider when buying real estate. HGTV got it wrong. You could get it right. By the way, the photo to the right is of the HGTV Dream House. The other photo is in Key West. Just so you don't think that scene is up there. It isn't.

CLICK HERE for the list of "affordable" single family homes in Key West priced under $899,000. Then give me a call to schedule your own personal showing 1-305-766-2642. Your house may not end up being as pricey or as prissy as the HGTV Dream House, but it can be your Dream Come True.