The Bank Grinch Who Stole Christmas

"Every Who down in Whoville liked Christmas a lot, but the Grinch, who lived just north of Whoville - did not. The Grinch hated Christmas - the whole Christmas season. Now, please don't ask why; no one quite knows the reason. It could be, perhaps, that his shoes were too tight. Or it could be that his head wasn't screwed on just right. But I think that the most likely reason of all may have been that his heart was two sizes too small." From How the Grinch Stole Christmas

In February I began working with a young Key West couple and their young son, who I'll call "O". Back then "O" had just started to take the timid steps of a one year old. Mom and Dad and "O" live on a little boat in Key West and they are hoping to find a modest house that they can afford. I warned the parents not to teach "O" how to climb stairs. But his mom said he had already figured out how to climb the ladder on the boat and work his way onto the deck. She added he had been taking swimming lessons. But getting him onto land was their main concern. Green grass and land, not green eggs and ham.

My buyers have the pre-approval letters from local and national lenders. They have had their attorney review the initial contracts we submitted. When my buyers decided to make an offer on a short sale property, they went back to the attorney just to make sure the forms were correct.

We got several "Seller accepted another offer" phone calls or emails. When a particularly well located, charming, and affordably priced condo recently got listed, my buyers immediately submitted an offer. There were apparently multiple-offers so the bank owner require each potential buyer to submit the best and final offer. We never got any response from the listing agent, but I did see that the mls listing status was changed to "contingent", meaning a contract had been entered into between seller and buyer.

My buyers lost a couple of other properties where the seller requested a "best and final" offer. These were for bank owned properties and I figured my young customers had a good shot at each of the properties. But none of their offers got accepted. Except until last week. Finally, my customers' offer on a nice little Key West condo got accepted. We had arranged for a local lender to fund the purchase and felt reasonably assured the deal would be closed before December 31st. The seller's agent called me a week ago and said my customers got the property.

The seller's agent sent me a detailed email acknowledging the seller (a really Big Bank in Texas) had accepted the offer and stated the buyer must sign an additional standardized contract of sale form drafted by the bank as seller.

I told my customers early on that banks are always the last to sign any contract. Banks do not want to re-negotiate a deal once the deal has been struck or approved. So the bank waits till all details are agreed upon and signed by the buyer before the bank signs.

The listing agent changed the status in Key West Association of Realtors database that same day. He sent me the required bank contract forms for my buyers' signatures. Since the bank contract forms were something "new", my buyers took the contract to their attorney for review. The attorney found a couple of issues that caused some concern for my buyers, but they signed the forms without change. I sent the bank's addendum to the seller's agent last Friday at about 4:15 PM. Later that night I got a phone call followed up by an email from seller's agent advising that there was another "new" form that the bank seller also required. I printed it out and forwarded it to my buyer. They signed it and I returned it to Seller's agent very early Sunday morning.

Late Monday afternoon I got a phone call from seller's agent who told me the Seller (the really Big Bank in Texas) had decided to accept a lower priced all cash offer instead of my buyers' offer which it previously accepted. The seller's agent apologized and said the bank asset manager said since the bank had not signed my buyers's contract it was free to accept another offer.

The funny thing is the Seller's agent felt we had a deal because the agent urged me to get the final bank contract forms signed and returned within 48 hours of the bank's acceptance. We did that. So we had (1) a phone call advising my buyers' offer was accepted, 2) an email confirming that my buyers' offer was accepted, and (3) the Seller's agent changed the status in the mls. But the guy at the Big Bank in Texas, just north of Whoville and way far away from Key West, did not see it that way.

Just who is this Texas Grinch and how can he spoil little "O's" Christmas by taking away his house? Well, Dr. Seuss probably got it right when he wrote "Now, please don't ask why; no one quite knows the reason. It could be, perhaps, that his shoes were too tight. Or it could be that his head wasn't screwed on just right. But I think that the most likely reason of all may have been that his heart was two sizes too small."

I guess the bank asset manger at the Big Bank in Texas doesn't subscribe to the Horton the Elephant's School of Ethics

"I meant what I said, and I said what I meant.
An elephant's faithful, one hundred percent."

Little "O" is not going to get his new house for Christmas this year!


But we will eventually succeed.
Yes we will indeed! (98 and 3/4 percent guaranteed)!

1030 Fleming Street - Bank Owned - Key West

This may be the house you have been waiting for. Just listed, but not by me, 1030 Fleming Street t was built circa 1906. It looks a bit rough on the outside. I had a chance to see the inside a couple of years ago and was surprised at how good the inside appeared at that time. The above photos were taken at that time. It seemed to me that a prior owner may have done some extensive renovations without benefit of a building permit.

This property is now Bank Owned. It is offered at the reduced asking price of $589,900 or $234 per sq ft. The Monroe County Appraiser shows this house as having 2517 sq ft of living space that sits on a lot with 56.5' frontage on Fleming Street that is 75' deep (on Frances Street).

The listing Realtor describes 1030 Fleming Street this way:

"Diamond in the Rough......ready for your personal touch. Historic home that has endless possibilities. Inground private pool, some renovations completed on the second floor. Nice corner lot with wraparound porch 1st and 2nd floors. Easy to show-all offers must be accompanied with proof of funds if cash or pre-qualification letter for financing."

To see the MLS listing information and view a few photos of the inside CLICK HERE.

1030 Fleming Street is located at the corners of Fleming and Frances Streets. One of the most beautiful major houses in Key West sits directly across at 1029 Fleming Street CLICK HERE. (That beauty wasn't always as pretty, however. It has been lovingly restored and sits as a n inspiration as to what 1030 Fleming Street might become.) Both Fleming and Frances Streets have any number of beautiful older homes. Some of the nearby homes are large and some are small. But the area is vibrant and highly desirable. This is one of the best fixer houses in a great location currently available. I think this house will sell quickly.

If you are looking for a bank owned fixer upper, this may be the one you have been looking for. Please call me, Gary Thomas, 305-766-2642 to see the inside. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Bank Owned - 1318 Duncan Street - Key West

A few years back when the cost of single family residential housing in Old Town Key West got to be nearly prohibitive for all but the super rich, several larger old properties and some former apartments were converted into condominiums. As the market heated up even those units started to get quite expensive. Such was the case of the four unit complex at 1318 Duncan Street. The main house was quite large and got divided quite naturally. The larger downstairs unit (1188 sq ft) became Unit # 1. The upstairs unit is 750 sq ft. It became Unit # 2. Two other cottages in the rear that are located on the south side of the large and sunny pool became Units 3 and 4. (Both units are owned by another person who rents each as long term rentals.)

The real estate market turned south. And the two units in the main house turned Deep South. They are now bank owned and they are unwanted. They have been on the market since July 2009. I have shown them a couple of times. The downstairs is large and inviting. It was offered for sale in 2007 by the former owner for $849,000. That owner used it as a legal long term vacation rental and was quite successful with it. The same former owner tried to sell the upstairs unit in 2007 for $475,000. That owner rented it as a long term rental. The market took a downturn and the bank foreclosed.

CLICK HERE to see the current mls listing info provided by listing Realtor along with current photos of the downstairs unit which is now listed for $260,000. CLICK HERE and CLICK HERE to see what the pool and kitchen looked like when it was marketed for $849,000 IN 2007. (Remember, those two photos are two years old.) It is the same place. It's just another typical bank owned foreclosure-almost.

CLICK HERE to see the listing info on the upstairs unit which is now priced at $195,000.

This is the issue as I understand it: The condo association became defunct after the former owner stopped making condo association payments. The association did not have sufficient funds to pay building insurance and make other necessary payments. The bank owner is left with an asset that cannot be financed by another bank because of the defunct condo association.

I discussed this matter with the listing real estate broker about a month ago. I was told the bank owner would prefer a cash buyer that would take both units and let that buyer deal with the condo association difficulties. I believe the bank owner would sell both assets at a discount to a cash buyer.

The downstairs unit has a large private deck off the dining room and the use of a garage CLICK HERE. The interior needs painted and cleaned. The pool and deck area is quite large and very attractive. In better days this place was a showplace. It can be again.

If you are a cash buyer please call me, Gary Thomas, 305-766-2642, to arrange a showing on these two units. I would recommend that a serious buyer engage a local real estate lawyer to prepare any offer to purchase this particular property.

Don't Be a Cry Baby!

At the bottom of almost every blog post I leave a comment as to how to contact me either by phone or email. I actually do get emails and phone calls from prospective buyers. I respond and we sometimes meet in real life. Most of these potential buyers have a dream of owning a place in Key West (why else would they contact me!). And most of those potential buyers have developed their own perspective of the Key West real estate market.

The Key West Association mls website is open for anyone to use. CLICK HERE. It provides lots of easy to access information on all real estate listings. You might even become so proficient that you might think you don't even need a Realtor to help get the deal done. You would be wrong. Nothing is simple in life or real estate. And cute little Old Town Key West can be very complicated sometimes.

In just about one week the "population" of Key West will nearly double in size. Fantasy Fest will begin and thousands of wanna-be-Key-Westers will make their annual pilgrimage to pretend in paradise. And you can be your very last red nickle that a bunch of them are planning on looking at (and maybe buying) the dream home that eluded them before. Many have made plans to come down here and buy while the prices are low. They plan on waving cash in front of desperate sellers in hopes of snagging a trophy of a house be it big or small.

In the past week I have had two different people contact be about one particular house I wrote about some time back. I sent both the info they requested and we talked on the phone that property in particular. One person had a friend actually look at the house. Then we talked some more. The potential buyer advised a trip is coming up in early November and that he or she would look at the house then. And I said something like "Fantasy Fest is coming up in a week. This house will probably be bought. You need to tie it up now before someone else gets it." I don't try to pressure people, but I do encourage them to be realistic.

There are some incredible deals on really large houses. If you are a million dollar buyer you can get a lot of house for the money these days. There are some good deals on smaller houses. Most of those properties are livable but most would be good candidates for a remodel.

I could be terribly wrong on my prediction that we are going to have a lot of "real" buyers in town during the next two weeks. If I am right the "inventory" of unsold homes will drop dramatically and there will be a lot of cry babies boo-hooing over the fact that they missed the opportunity to buy into their dream.

CLICK HERE to search the real Key West mls website. This is the site owned by the Key West Association of Realtors. If you see a property that you like, please contact me, Gary Thomas, 305.766.2642 or by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc., an affiliate of Christie's Great Estates. We have some great estate properties in case that is what you are looking for. And there are still come very cute little cottages left. Some may need some fixing. Don't wait too long. Don't be a cry baby!

1218 Varela Street - Key West - Foreclosure

Just listed, but not by me, 1218 Varela Street CLICK HERE in Key West, Florida. This is a house you big house shoppers really ought to consider. I have not been in the house for a long time. But I vividly remember the first time I saw it. I thought it was amazing. Owners changed. The place got changed a bit as well. It was just foreclosed upon (but it is not a bank foreclosure)and now it sits empty. This may be an opportunity to get a great house in a very good location at a good price. You never know until you try. CLICK HERE to see the listing information and some photos of the interior and exterior of the house.

The listing Realtor describes 1218 Varela Street this way:

"Fantastic private compound available for your consideration now! The stately main home is comprised of three bedrooms, two and a half bathrooms and a den. The cottage contains a bedroom and a bathroom and makes an excellent private office. The guest house was at one time a legally separate address and contains one bedroom, one bathroom and a living and kitchen area. Bring your ideas to personalize and update this into a grand showplace!

This place is BIG! There is 3348 sq ft of living space on the 5855 sq ft lot. It is offered at the price of $1,500,000. When this same property was listed for sale (and sold for $1,100,000 in 2001) the then listing Realtor described the house this way "A Meticulously Renovated Key West Residence. The 2 Story Main Home Includes 3 Bedrooms / 2.5 Baths And Office. French Doors From The Rear Of The Home Lead To A Dramatic Loggia And A 43ft Heated Pool And Spa, Guest Cottage And A Separate 1 Bedroom / 1 Bath". I included his description because it adds detail I cannot provide. But it hearkens back to what I said at the outset about being amazed by this house. My first visit was at a party or something at night. The place just oozed sophistication. Everything at that time was tony.

1218 Varela Street is located across the street from the Montessori School.CLICK HERE and CLICK HERE. The kids arrive in the morning and go home in early afternoon. If the sound of little kids laughing annoys you, this house will not work for you. The house is located near the shops and galleries on White Street and it is a five minute or so walk to the beaches. And the house does have covered off street parking CLICK HERE. Except the "covered" part is missing at the moment. CLICK HERE for an aerial perspective.

If you are a big house buyer please call me, Gary Thomas, 305-766-2642, or contact me by e-mail at kw1101v@aol.com, to schedule an appointment to see this property.

2718 Harris Street - Bank Owned - Key West

I chose the lopsided photo of 2718 Harris Street for a reason: the property is Bank Owned and the price on this property is askew. Let me explain further.

2718 Harris Street is located just at the beginning of New Town. It is a couple of blocks directly north of Grace Lutheran Church on Flagler Boulevard I toured this house over a year ago on Realtor caravan with about 40 other Realtors. What first struck me about this house was the asking price at that time $1,899,000. That was an awful lot of money for that block and that house at that time! Once I got inside I could see all of the love and creativity that went into the remodel that the owner was just completing. I think most of us thought the house was over-built for the area and way over-priced PERIOD! As the months passed the owner progressively dropped the asking price down to $1.1 million. Then the bank foreclosed.

Take a moment and CLICK HERE to look at the photos and read the description of 2718 Harris before it became Bank Owned. Note how attractive the place looked with appliances. They are missing now. CLICK HERE to see the current mls listing info and look at the current photos. You will see the same rooms, similar views, same location, lower price, work to be done, and more money to be spent by a new owner. This is how the current listing Realtor describes the house today:

"Bank Owned awaiting a loving new owner. Take advantage of this rare opportunity to acquire a sprawling home in great New Town neighborhood. Totaling 4 bedrooms and 3 1/2 baths including a 1bd/1ba private guest suite. Gorgeous state of the art finishes throughout, overlooking custom pool situated on a spacious 9000+ sq. ft. double lot. Minimal amount of finish work required including appliance package and a few other miscellaneous details. Vacant and easy to show."

2718 Harris Street is now priced at $699,000 or $179 per sq ft. It's a big house: 3910 sq ft that sits on a really big 9164 sq ft lot. The house has 4 bedrooms and 4 baths, a great kitchen, and lots of open living space. I have included photos of neighboring houses so that you get a feeling for the area. CLICK HERE and CLICK HERE (house next door to west). There are some other larger homes in the immediate area, but most of the houses are 1960's and 1970's vintage ranches. I'm not telling you anything you can't see for yourself about this house being over built for the area. Here are some other photos I took of 2718 Harris Street this morning:
CLICK HERE, CLICK HERE and CLICK HERE.

The house at 2718 Harris Street is owned by a local bank so we ought to get a quick response on any offer. This property is vacant (YEAH!) and easy to show. If you are interested in looking at this bank owned property please call me, Gary Thomas, 305,766-2642 or contact me by email at kw1101v@aol.com. This is a house you bargain hunters just might want to take a look at.

Bank Owned Homes - Flagler Avenue - Key West

Flagler Avenue is a major street in Key West that brings traffic onto the island and past homes, multi-family properties, and a few strip malls. It abruptly ends at the posh Casa Marina Resort. It is like big feeder streets located across the country. Every town has own. Most people don't want to live on feeder streets like Flagler Avenue. As a result prices are usually lower because of the address itself and not because of any necessary deficiency with the property. Listed below are two bank owned single family homes that might make a good buying opportunity.

2918 Flagler Avenue is a 3 bedroom 1 bath house with 1309 sq ft of living space plus a separate building out back by the pool. The lot is very large - 6360 sq ft. Someone bought this house in June 2006 and paid $800,000. It is now Bank Owned and is offered at $335,000 or $256 per sq ft. CLICK HERE to read what the listing Realtor says about this house and view PHOTOS. I showed this a couple of months ago. It went under contract soon thereafter and just went back on the market. 2918 Flagler is the poster child for bank owned homes. It smelled and it looks terrible. It needs cleaned and painted. It needs some landscaping.

A mile to the east you will find 3814 Flagler Avenue which is also Bank Owned. This 5 bedroom 3 bath home with a beautiful poo, two car garage and 3109 sq. ft of living space on a gigantic 14,175 sq ft lot on the water is offered at $950,000 or $306 per sq ft. CLICK HERE to read more detailed information and view PHOTOS of this house. This is how the listing Realtor describes this property:

"Great opportunity to own a significant waterfront property on a canal in Key West. This 5 bedroom, 3 bathroom home has 3,109 square feet of living space and sits on a oversized 14175 square foot lot with a large pool. A few of the amenities include a two car garage, gorgeous tile floors, new roof, seawall, fireplace and plenty of storage. Bank owned."

CLICK HERE to see an aerial photo of 3814 Flagler Avenue. It is the pink colored property numbered 78160 at the far right side of Vista Del Mar highlighted in yellow. The property provides immediate deep water access. There is a giant pool and off street parking. So what if the roof is shaped a little funny. We all had funny hair in the 1970s when this house was built.

Please call me, Gary Thomas, 305-766-2642 to see either of these Bank Owned properties. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in beautiful Key West, Florida. Let me help you find your place in Paradise.

Some Recent Key West Real Estate Sales of Note!

There were a few sales earlier this week that are worth mentioning. I'll tell you why that is so at the end of this blog entry.

1513 Pine Street The Meadows CLICK HERE sold for $925,000 or $484 per sq ft. This is the first of eight units in The Meadows to close. Preferred Properties is now the listing broker for the units now on the market. The remaining units are priced between $925,000 and $975,000.

503 Noah Lane in Truman Annex CLICK HERE was listed by Preferred Properties at $2,695,000 and sold at $2,325.000 or $668 per sq ft. This elegant property was listed listed in February 2005 for $3,800,000 or $1,232,000 per sq ft. Do the math!

The sale at 503 Noah Lane is interesting because a nearby house at 522 Emma Street CLICK HERE was just listed as a short sale for $2,100,000 or $681 per sq. ft. An even larger and much more expensive house down the road a bit is in foreclosure and is listed for sale, but it is not offered as a short sale.

The Beach Club Condominiums at 1500 Atlantic Boulevard has been one of the best addresses in Key West because each unit fronts directly onto the Atlantic Ocean. The sagging economy resulted in several units to be put up for sale and just sat there for months and months. Preferred Properties represented the buyer in the purchase of a luxury unit that closed this week CLICK HERE for $1,550,000 or $719 per sq ft. Interestingly, another unit (which was offered in 2007 for $2,395,000) was just reduced a couple of days ago to $1,900,000 or $826 per sq ft.

I wrote about 31 Seaside South several months ago when it was offered as a short sale for the asking price of $985,000. As the market declined, the asking price followed suit. This unit is the first re-sale in the complex and also the first short sale there. It sold for $599,000 or $313 per sq ft.CLICK HERE 31 Seaside South was beautifully appointed There are at least seven similarly sized units also on the market today. One of those is bank owned and six are short sales. This is just my opinion, but the units currently on the market cannot compare to the pizazz 31 Seaside South offered. Five of the units have Formica counter tops in the bathrooms. One place has the nastiest blue walls and smelly carpets you have ever seen. Another unit has a bad mold problem that somebody better fix.

101 Front Street Unit #18 CLICK HERE was listed at $695,000 and sold for $600,000 or $545 per sq ft. This three story unit is located in the Foundry Town homes in Truman Annex. It has a special transient rental license. Two similar units (both short sales) are under contract. One unit not listed as a short sale is offered at $669,000 and it also has a transient license.

According to the National Association of Realtors (NAR) "August 21, 2009 - For the first time in five years, existing-home sales have increased for four months in a row, and the monthly increase is the largest in 23 years." CLICK HERE to read the entire article. Lawrence Yun, chief economist for the NAR, was quoted as saying “Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint.”

The summer is always the worst time to sell property in Key West. But we had a robust market this summer. And guess what, the people who were saying they wouldn't buy in Key West because we had a glut of houses are now complaining that there is no inventory. I really don't think those talkers were buyers. They were right about the glut. But a lot of the glut is under contract. Some of the houses, condos, and townhomes in the "contingent" or under contract category will not close either because the lender will not accept the price offered or the buyer gets tired of waiting and goes away. But many will and when they do close, the inventory will shrink even more.

You can make of the sales I cited what you will. I think the recent sales show that our market has corrected itself from the excesses of a few years ago (of course there are exceptions). I think the new listing in Truman Annex and dramatic price reduction at The Beach Club unit I cited are further evidence of my assertion.

There are homes, condos, and townhomes in all price ranges. If you wait until it is too late, you will have waited too long. You will have missed the opportunity a second time. Remember what Mr. Yu said about the demand for foreclosed properties and lower priced homes spiking sales that has now created a lack of inventory.

Did you notice the photo of an airplane approaching Key West at night? I'll bet you and I get that same feeling of excitement every time we first spot that little island I call home and you dream of making your home - someday. I've done lots of flying and I have been lots of places. There is no place like home and there is no feeling like landing in Key West and getting out of that small little place and smelling our island air. It doesn't get any better than that.

If you are looking to purchase a place in Paradise, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

Let's Screw the Realtors!

Bank of America did not get enough money from during the Bailout! It needs some contributions from Key West Realtors to help it through the bad times. Here is the set up:

There is a real pretty house located on a very nice street in Old Town Key West. It was sold in 2004 for over $1,250,000. The economy soured. The owner put the house on the market in early 2006. The listing eventually became a short sale. Months passed by. The seller accepted several offers from various buyers. Each of the offers failed due to the passage of too much time or because the lender (Bank of America) rejected the dollar amount offered. As time passed the economy in Key West got a little worse and the market value of houses in Old Town began to slip. And the value of the pretty house on the very nice street in Old Town went down as well.

The seller used the same Realtor during the entire sales process. The Realtor is one of the top producers in Key West and has a rich history in selling fine homes. A professional short sale negotiator was engaged to help facilitate the short sale negotiation (God, that sounds like something I'd write if I were still in real business).

I represented a buyer who made an offer to purchase the house in March 2009. The offer was very simple: all cash with a quick close within 30 days of the acceptance by seller's lender of the short sale offer. Seller signed the contract and the short sale negotiator started the process to get lender approval.

Weeks and then months passed by and my buyer started getting a little nervous. The deal was going nowhere. In late June we received notification that the lender had accepted the price my buyer offered.

The seller no longer lived in the house. The pool pump was not working correctly, so the pool was turned off. The water turned Kermit green. My buyer and his family flew down to do the inspection. The inspection went fine, but that algae filled pool could have killed the sale.

The lender "approval" seemed to disappear. We didn't see anything in writing. My buyer was getting nervous. I was getting agitated. At our request the short sale negotiator furnished us with a copy of an email from the lender that approved the price. But Bank of America wanted seller to kick in $25,000 plus provide additional documentation that the seller did not have funds to pay off the hundreds of thousands of dollars Bank of America was being asked to forgive. Okay, I get part about not having hundreds of thousands of dollars squirrelled away someplace. Except that the seller had repeatedly supplied the same financial disclosures to Bank of America. His financial condition did not get any better. But the condition of the house was getting worse each day.

Exasperated, my buyer and I asked a local attorney to write a letter to Bank of America advising that the seller had abandoned the property and reminding the bank that the buyer was ready to close as soon as the bank approved the contract. More than another week passed. Nothing happened. Our contract was about to expire. The seller was thoroughly pissed at Bank of America for screwing around with this for so long.

We got word that Bank of America had again accepted my buyer's cash offer but this time the acceptance was conditioned upon receipt of an additional $20,000. (Down from $25,000 a few weeks earlier.)

I sent the Bank of America negotiator an email reminding him that the seller had abandoned the property; that the house had no electricity; that the pool was now green with algae and had become mosquito infested; that my buyer was "cash' and ready to close; and that there were three storms in the Atlantic. I suggested that if the bank declined to close the deal that it get a receiver appointed to take possession of the premises before the house got in really bad disrepair.

Again, nothing happened that we were aware of. My buyer then sent an email directly to the same rep at Bank of America. My buyer simply reminded the the bank that he had made a good faith offer to buy a house. He did not understand why Bank of America was requesting more money.

The Bank of America rep replied: "There is some miscommunication here. The Bank is not requesting any further funds from the Buyer. As far as the bank is concerned we are accepting the $***,*** offer. The request for additional monies is to come from the Agents' and or Seller in order to complete the approval process." This is a direct quote except that I deleted the dollar amount so as not to identify the property.

My buyer responded and pointed out that the bank's demand for more monetary contribution from the Realtors was hindering the process, not making it any better. My buyer told the bank rep cutting the commissions was undermining the Realtor's incentive to sell. Somehow, someway, my buyer got the guy at the bank to loosen up. Moneybags at Bank of America decided to forget the $20,000 contribution from the Realtors. The purchase amount was approved. But Bank of America cut our commission to 4%. It planned to cut our commission to about 3% total. Wasn't that kind.

The deal is done. Over. My buyer got a really nice house and I am genuinely happy for him and his family. I wanted them to buy the house next to mine. It was foreclosed by another bank. (A local bank. It actually spent new money taking care of that house.) I think they would be great neighbors. But my buyer got a really good deal. I made $1.32 per hour working on this. The listing Realtor made less. This property was on the market for over 1,000 days. By the way, because of its delay in getting the various prior offers approved, Bank of America got at least $360,000 less than the first offer it turned down.

What happened on this transaction is normal operating procedure for Bank of America and other large lenders. They demand the Realtors help make the loss more acceptable to the lender by demanding real estate commission reductions.

Earlier this year Fannie Mae issued a Directive prohibiting loan Servicers from reducing real estate commissions from less than the negotiated rate unless that rate exceeds 6%. CLICK HERE to go the Fannie Mae site then SEARCH for Announcement 09-03. I cannot link it. You do not need to login to search. The house my buyer purchased did not have a Fannie Mae loan. So what Bank of America did in cutting our real estate commission was not illegal.

None of the politicians in Washington (The Congress, The Senate, and neither the Bush nor the Obama Administration) have done anything to protect Realtors from the conduct of screwing Realtors out of their commissions. It goes on all the time.

I don't have a wife and kids to hold up and say to Bank of America "You are taking food from my family." But I am not getting what I was offered by the listing Realtor. And he is not getting what he and I both earned. Short sales are neither short nor easy. Conduct by big banks like Bank of America that got Billions of Dollars from the federal government should not be permitted.

I created a little Petition to Congress that you can sign if you agree with me that such conduct ought not to be permitted. PLEASE GO HERE TO SIGN.

It won't make a damned bit of difference however. I know it. Bank of America is too big to fail and too big to be put in its place.

Reversal of Fortunes - Key West Real Estate

People are funny. They always want what they can't have. Little kids want to grow up; adults wish they were younger. They buy giant SUVs that cost moola money; they trade in clunkers for cash which could be as rash. They admire the body of Adonis; they continue to eat at Abbondanza. They see a "wet paint - don't touch!" sign and tap the spot on the dot. They dream of owning a place in Key West; they scorn a deal that could seal their fate.

Between 2004 and 2006 when real estate developers were going hog wild building new properties from one end of Key West to the other, this town of ours was hoping. Since Key West has a limited supply of the kind of places most second home buyers theoretically want, developers did what they do: they developed--the best! Because of its limited land size, lot density requirements, height restrictions, HARC guidelines, and State of Florida imposed limited new residential construction permits, the developers constructed numerous high end properties. While each was different, they were all pretty much the same in that they were designed to appeal to our inner snobbery. Location, amenities, high price tags were the common bond of these Key West properties.

Developers envisioned big projects with big profits. Some were built. But not all of the projects broke ground. Other projects were stymied by lawsuits by neighbors protesting developments they did not want. Harbor House Condominiums is a multi-million dollar example. The delays cost the developer valuable time and racked up huge legal fees. When construction finally started, the market had already started to fizzle. There is a story in today's Key West Citizen CLICK HERE about a code violation of a construction fence surrounding the the now "abandoned" project (see photo above taken this morning). Another example was the proposed condominiums at Atlantic Shores. Delays there caused the project to instead became more hotel rooms at Southernmost on the Beach Resort. There was major erection dysfunction.

But some of the projects did get built. Parties were given to introduce the people of Key West to the new developments. I even wrote about a few of the parties I attended when I started this blog. I knew at the time that there were too many high-end projects and not enough buyers. Most of the units built were 1500 square feet or larger. Most had private pools, designer kitchens, three bedrooms and bathrooms, and enough amenities to lure buyers into spending two million dollars for a vacation home in Key West. Most of the new construction did not get purchased. Some of the few that were purchased have since become or will become short sale or bank foreclosures.

The fact that most of the units that were built were not purchased should not surprise us. Even if there was a real demand for so many elegant units, I think it was foreseeable that there would not be enough ready, willing or able buyers to pay the outrageous prices. Many lot of the units that were built during this time period are now offered at much lower asking prices. Some owner/developers or lenders have turned unsold units into vacation rentals and await a real estate market rebound.

The thing that strikes me funny is that buyers who lusted after units priced at $2,000,000 now scoff at the idea of paying perhaps half the price. That same buyer's "logic" applies equally to single family homes, especially the well located and tricked out houses in Old Town. The properties they coveted are now marginalized.

You may have seen the story about the family that is the sole tenant of a 32 story condominium in Ft. Myers CLICK HERE That family was on the evening news yesterday. As I watched the report I looked at the building and thought to myself that the building and dozens, maybe hundreds, of similar buildings are located across Florida and that they all face a common future: it will be years and years before all of those units get filled. But Key West has never been and never will be like the rest of Florida. There is a limited supply of houses and condos. My advice to would-be buyers is to buy now before the market correction is complete. Because prices will rise and property in Key West will cost more. I have already heard of bidding wars going on for lower priced units at some condominium and townhome developments. Some developers are now exercising their right of first refusal.

CLICK HERE to search the Key West Association of Realtors mls database. If you see something you like, please contact me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in beautiful Key West, Florida.

1216 White Street - Bank Owned - Key West

Good news for those of you who looked at 1216 White Street but lost out on the bidding war. This Bank Owned property is back on the market.

I've shown this house several times. I think this property could make a great project for someone who doesn't mind spending some time and money turning this place into a little gem. Here's why: I am assuming the prior owner did the upgrades or improvements that exist on the house. Work was started. But then it stopped. The improvements are not complete. The kitchen needs to be replaced and the floors need to be repaired. Some piers probably need to be replaced. A competent home inspector or contractor can tell you what needs to be done and how much it will cost to complete the renovation.

1216 White Street has a huge yard on the side and rear. I'm talking about the potential to create a really beautiful pool with a spacious garden area. There appears to have been off-street parking where the current boarded-up garage sits. There is a new sidewalk with no curb cut. There may be photographs or city records that would provide evidence to enable a new owner to get that curb cut put back in place. All of a sudden, that ugly little garage comes down and the property has off street parking and gated access to the new pool and garden area.

1216 White Street is now offered at $329,900 or $251 per sq ft. The house is 1357 sq ft according to County Records. But the lot is enormous--5807 sq ft. The location is good in my personal opinion. The street is busy in the daytime. But it is pretty quiet after 6:00 PM. The property is convenient to the beaches a few blocks south and Old Town a couple of blocks to the north.

As I mentioned, this property is bank owned. The Seller requires all offers must be pre-qualified.

CLICK HERE for more detailed information and photos of 1216 White Street. If you want to see this property, please call me, Gary Thomas, 305-766-2642.

New Bank Owned Houses - Key West

For those who think they can get a good deal by buying a Bank Foreclosure, may I present two new offerings for your consideration.

607 Margaret Street is located in the Old Town area of Key West. It is two doors to the south of Mangia Mangia for locational reference and across the street from the old Harris School. There is a big tree in front to provide shade from the sun. The interior has Dade County Pine walls. And it is a fixer for sure. The listing Realtor describes this house thus:

"Bank Owned. Fantastic location in Old Town Key West. This home has charm and needs your personal touches. Make this your oasis. Backyard has patio. Bedroom on first floor and second bedroom is on the second floor plus additional storage in the attic."

CLICK HERE for more info supplied by the listing Realtor and to see 4 photos of the property. This house is offered at $349,900 or $360 per sq ft.

3725 Eagle Avenue is located one block west of A1A or near the intersection of Flagler and South Roosevelt Blvds. The two blocks just prior to A1A have some of the nicest homes in Key West. This is not one of them right now. It needs a lot of work in my opinion. But the house is very large (2900 sq ft) and it sits on a huge lot of 12,000 sq ft. That is not a typo. The lot is gigantic. The asking price is $355,000 or only $122 per sq ft. The listing Realtor describes this house this way:

"Mediterranean Style Home. This 3 Bedroom/2.5 Bath residence has authentic textured walls, beamed wood ceilings, beautiful redwood staircase, soaring ceilings, arched french doors and windows, fireplace, private dining area, window-wrapped family room and pinewood floors. Bank Owned Property. Priced to Sell."

CLICK HERE to view listing information and more photos.

The house directly next door to the east CLICK HERE was renovated in 2003-2004 and it is beautiful. I even took a pretty picture of it this morning so you get an idea of what 3725 Eagle might look like after a few hundred thousand dollars and a lot of work.

Both properties are bank owned. I suspect 3725 Eagle will be under contract by Monday. So if you want to buy it, contact me right away. This house will be an an undertaking and it is going to take money and vision to transform this property into a showplace.

607 Margaret Street has a tiny deck and the smells. There is an open toilet right off the living room--no door. The exterior was butchered with an aluminum awning and most of the windows need replaced. The interior stairway does not meet city building code requirements. And you will be throwing a lot of money into any fix-up of this place.

If you think you want to buy a bank owned property, this is your chance. Two new listings in two different areas of town. Both are "affordably" priced. Both need vision, work, and money. Please call me, Gary Thomas, 305.766.2642, if you would like to make an offer to purchase either property. Don't wait.

"My seller does not want to lose any money."

I wrote an offer over the weekend on a nice house on the edge of Bahama Village. I point out the location because the location is part of the reason the house has not sold. The house itself is very nice. It has the features many potential second home buyers want: enough bedrooms and baths, new kitchen, off street parking, and charm for days. But the location causes most buyers to not even look or if they do look, to choose another location.

I wrote in my blog about a similar property a few months back. I hosted many "Open Houses" at the height of the buying frenzy at a house on Whitehead Street just off Truman Avenue. It was newly redone by a real craftsman. Everything was great. It had 3 bedrooms, 3 1/2 baths, granite countertops, 3/4" solid maple floors, a new pool, new windows and doors, off street parking, and it was charming. It was priced at $595,000 for an all new custom redo. Literally hundreds of people walked through the house during the months I hosted Open Houses. Most of the lookers were on their way to see the Hemingway House or the Southernmost Point. But some were serious lookers that I turned into clients. But nobody ever considered buying that house because of its location. They said if it were on the "other side of Duval" it would have been a different matter. And that is the same problem with the house mentioned above. It is a great house in what most buyers consider to be the wrong location.

Instead, I want to discuss the seller's potential predicament. The seller's agent told me "My seller does not want to lose any money." I can appreciate that. The seller paid "X" for the house and added improvements that cost real dollars. Now, for whatever reason, the seller wants to sell.

The real estate market is different now than it was a few years ago when the seller was the buyer and buyers were buying almost anything. Even back then buyers were resisting "that" location. I'm referring to the similar house I mentioned above. It is located a block or so from the house owned by this potential seller. Instead of being part of a buying frenzy, today's buyers are part of a bottom feeders frenzy. Buyers are looking for deals. But they want they still want location, value, and charm.

A buyer can sometimes create charm by building new or redoing a place. Sometimes. I've seen too many places with botched redos. Charm does not come cheaply or easily. Many properties are certainly better values today. There have been several short sale and bank foreclosure properties that have sold in Old Town, Casa Marina, and The Meadows areas that were real deals. (I wrote about many of them in my blog.)

We are in uncharted territory right now with all of the short sales and bank foreclosures. Many sellers will sign almost any contract as long as they think they will get off the hook and not be held financially responsible for any of the shortfall on the loan. A lot of the properties that have sold were bank owned and sold at a discount. But the discounted prices have pretty much become the "market".

However, there are still some real world/real market properties offered for sale. If a seller really wants or needs to sell in this market, he or she is going to have to meet the market to sell. Crossing of one's arms and defiantly stating "I don't want to sell at a loss!" won't work. Having one's Realtor make the statement won't change anything.

If a seller who owns one thousand shares of GE stock that he bought in 2007 for $35 per share wanted to sell that same stock today he would sell it for around $13.50 per share. Next week it might be worth more. Maybe less. He could refuse to sell it and hope the price recovers. But if he needed to sell, he would have to accept the loss.

Yet many real world "sellers" refuse to accept the fact that they may have to sell real estate at a loss. Unless a property sells for all cash, it is pretty safe to assume that a buyer would need to finance the purchase. Lenders will not lend if a property will not appraise. It is that simple.

I know my buyer won't be getting the house I mentioned above. Maybe the seller really does not need to sell. But my suggestion to the seller's agent was to get an independent appraisal of the current market value. No rational seller wants to sell at a loss. But every seller ought to know what his or her property is really worth in this current market downturn.

CLICK HERE to search the Key West Association of Realtors mls database. When your search is complete you will be able to see how long each listing has been on the market. If a property has been listed for a really long time, ask yourself "Why?". If you see a property that you like and would like more information or would like to schedule a showing, please call me, Gary Thomas, 305.766.2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc in Key West. Our office is an affiliate of Christie's Great Estates.

Half-Price in Key West

I've noticed several "For Sale By Owner" signs in the area near the gym I go to. One caught my eye the other day and I decided to share two photos with you. See above.

My purpose is not to try to find a buyer for this property or to dissuade anyone from looking at it. I will tell you this much: the asking price on this 1254 sq ft house that sits on a large 7830 sq ft lot (90' x 87') is now $750,000 or one half the original price of $1,500,000.

I just did a quick search of other houses listed for sale in the Old Town, the Meadows, and the Casa Marina areas that are priced up to $750,000. CLICK HERE to view the list. (I did some "heavy" editing. There were 82 houses in this price range.)

You will note that there are two houses on the list (529 Olivia and 726 Fleming) that have valuable transient rental licenses. I wrote earlier at 715 Ashe Street. I think it could be a great house for somebody who wants a small project house. 407 Catherine is adorable and the owner is looking to sell it. 706 Chapman Lane is as cute as a button and has room for a pool. 1016 James Street is an eyebrow house that needs total renovation, but it has an existing out building and a large backyard which means this could be a great project house if you get it for a good price. 618 Petronia Street has a huge rear yard which opens the property to potential development possibilities. 723 Southard Street is a real sleeping beauty. 825 Southard Street is a great big old place that needs total redo, but it has strong bones and great curb appeal.

1009 Watson Rear sits behind other houses located on Watson Street. You cannot see the property. So it is really hidden. Livable as is, but it is not a protected house so it can be demolished and a new house built on this incredible lot. Easy to show and worth looking at. The house next door at 1007 Watson is a short sale. I think we should look at both houses at the same time. Bring your imagination.

719 Windsor Lane is the former home of writer John Hersey and is located in the Writer's Compound. I wrote about this house last year. CLICK HERE. I've shown the property several times, mostly to writers want to soak in the atmosphere that populates this compound. The owner sold the small cottage I mentioned in my earlier blog. So it is now time to sell the main house.

If any of these properties appeals to you, please call me, Gary Thomas, 305-766-2642 to schedule a showing. I don't think a property has be offered at half price to be considered a good deal.

1119 Von Phister Sreet - Key West - Bank Owned

This foreclosure stuff is starting to get personal. Eight months ago a fellow Realtor got to help select my new neighbor by placing the house at 1119 Von Phister Street in the Casa Marina Area of Key West on the market. It is owned by a local Key West bank. You see I live right next door. The neighborhood is very nice and very quiet. There are no apartments or businesses nearby. Here are some photos of neighboring homes: CLICK, CLICK, CLICK, CLICK.

Let me tell you about 1119 Von Phister Street and why I think it is a great buy. And let me tell you about the neighborhood and why you might just want to live there.

The original house is constructed of Indian Blocks, a building material used in maybe 30 of the older homes in Key West. The man who owned the house before the last owner added room after room during a time when there either was no building code or there was no enforcement of building codes. The lot is huge and the house and the structures on the lot were many and very strange. That man passed away and when the most recent owners bought the house the additions and contraptions were removed. What was left was the core of the original house and a huge lot. Other than the exterior walls in the front, everything is new.

The renovation of the former house and the construction of the new additions was done with an unique style and a devotion to detail. Room after room feature unique woods, tiles, and decorative treatments. You will not find this home constructed with materials available at Home Depot or Lowes.

This is how the listing Realtor describes this house: "Exquisite residence in the Casa Marina neighborhood. This custom home is owned by a LOCAL bank. The original structure with Indian Block facade dates to 1943 and was recently remodeled/expanded. Many custom features make this 3 bedroom home unique. Custom kitchen flows into great room, covered porch, back deck and pool. First floor has great room, kitchen, living room, study (or bedroom), one bedroom, one full bath room, pantry, laundry room, computer nook, two half baths, covered front porch, covered back porch & covered car port. Second level has master bedroom, master bath, dressing room, 2nd bedroom, 2nd bath, office, covered porches front & back plus back balcony."

Click each word or phrase to see parts of this home: Greatroom -- Great room and dining alcove -- Kitchen -- Pool and rear deck -- Pool and spa -- View from second floor front balcony
-- Bath second floor front -- Master bedroom and sitting room -- View from master bedroom -- Master bedroom balcony -- Master bathroom -- First floor front bedroom -- First floor bath.

There is a huge old Mahogany tree at the front of 1119 Von Phister. I have one in front of my house and there are several others on our block. Many of the houses are quite old but renovated. The block looks stable, as in real people who take care of their homes live here. The house is a five minute walk or take a bike ride to the Atlantic Ocean and the beach. This is the real deal my friend. And the good thing is you won't have any sand in your feet by the time you walk back home. Of course you can ride your bike or drive your car or scooter.

You can also walk or bike over to Duval Street(5 minutes); or go down to the shops on White Street like Faustos or go to the Island Gym and watch me lift weights in the early morning (2 minutes): or you can grab a cafe con leche at any of the several neighborhood joints. You can be at the Historic Key West Seaport as fast on your bike as in your car (if you consider parking in your travel time) (5 minutes). And you can be in the Key West suburbs at the shopping centers or leave on a jet plane (we got 'em) at the Key West International Airport, all within a 5 minute drive from 1119 Von Phister. We don't have Conch Trains and motorcycles going through the area. We don't have noisy bars and noisy tourists walking home at four o'clock in the morning singing songs or arguing about how much they love or hate each other. We are so close to everything we all love about Key West, and yet so far away from the things we don't like.

There was a contract that unfortunately did not close. This property recently went back on the market as an "active" listing. The property is still offered at $1,895,000 or $616 per sq ft for this 3078 sq ft house under roof on a huge 5761 sq ft lot.

If you want to test me out as a potential neighbor and take a look at 1119 Von Phister, please call me, Gary Thomas, at 305-766-2642. CLICK HERE for more detailed information and photos of 1119 Von Phister Street.

April Sales Recap for Key West

It's that time of the month again: time to report on what happened in Key West real estate sales for the prior month. I think I am a pretty optimistic person. I'm old enough and seen enough not to get too rattled by the Swine Flu Scare and the Chrysler Bankruptcy. I know thousands won't die of the flu and that Chrysler will emerge from bankruptcy and continue to manufacture Jeeps and convertibles. That is why I am not frightened by the seemingly sad numbers for the month of April 2009 as compared to prior years.

There were 11 single family homes sales in all of Key West for the month of April with an average price per foot of $455. Two of the sales were "short sales" and one was a bank owned property. Notable sales included three I wrote about here earlier including 608 William Street that sold at $670,000 or $890 per sq ft; 708 Eaton Street that sold for $2,400,000 or $724 per sq ft; and 912 Fleming Street that sold for $372 per sq ft. 608 William Street is a tiny little gem in a great Old Town location. Remember when I wrote yesterday about people that buy a look, a lot, and a location? 608 William Street had all three nailed!

708 Eaton Street is a big property on a busy street during the daytime, yet it commanded a huge price per sq ft. Proof again that quality does matter to discerning buyers.

And don't forget 912 Fleming Street. It has one of the best locations in Old Town and is surrounded by multi-million dollar homes on all sides. The house is in good condition and has a gorgeous pool and rear courtyard. Congratulation to the new owners, Sean & Kellee.

In 2008 there were 11 single family homes sales in all of Key West and the price per sq ft then was $419.

Condo and Townhome sales in Key West in April were not quite as fortunate. There were 10 such sales in April. Three were "short sales" and three were bank owned properties. The average price per sq ft was only $271. In 2008 there were 11 sales with an average price per sq ft of $537. In 2007 there were 20 sales where the price per sq ft was $751. (Four of those sales were of units at Santa Maria Condominiums. Several units there are now offered as short sales with prices discounted in the hundreds of thousands of dollars!) And in 2006 there were 12 condo and townhome sales with an average price per sq ft of $791.

The number of sales in 2006, 2008, and 2009 is fairly consistent. If you take out the four Santa Maria sales for 2007, all four years have about the same number of units changing hands each year. But the price degradation is disturbing. Short sales and bank owned units at the golf course, Shipyard, Seaside, and similar properties have just decimated that market. I watch the filing of Lis Pendens in the Monroe County Clerk's office. The filing of new Lis Pendens on condos and townhomes is not stopping. I haven't tracked how many were filed previously and I can't state the numbers currently. But there are enough to make me think we have not seen the bottom of foreclosures in the condo and townhome sector of our market.

I think there are some real bargains in the condo and townhome market. A buyer has to look not only at the price of a particular unit but also the developments, the strength of the the home owners associations, the reserves held by the associations, and the condition of each unit. Some units are better than others. And some developments are better maintained than others. So if you are looking to purchase a condo or town home, take your time, do your homework, and buy wisely.

When I started today's blog I said I'm optimistic. Everything I just wrote sounds bad however. Sales are down in dollars and percentages over years past. On the other hand, there are lots of buyers. Everybody I know is writing offers. Many of those offers are screwball and low-ball offers that do not have a chance of getting accepted either by the seller or a lender in a short sale scenario. The other day I got an e-mail from a local lender offering 4.5% 30 year mortgage money. That makes buying a place in Paradise much more affordable. There are not a lot of houses in the Old Town and Casa Marina area under the million dollar benchmark. My advice is to think big and think bold. Houses that have not sold during season are languishing for a reason: they are probably over-priced. I think there is a group of houses in the $1.2 million range that are nearly ripe for purchase. Wait until hurricane season and see how ripe they are then.

If you are looking to buy a place in Paradise, please consider working with me,Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. E-mail me at kw1101v@aol.com. Let me help you find your place in Paradise.

March 2009 Key West Real Estate Sales Report

There were a total of 18 single family home sales in Key West between March 1st through March 31st. Six of those sales were short sales and one was bank owned. Old Town had seven of those single family home sales. The average price per square foot in Old Town was $484. In 2008 there were six single family sales in Old Town and the price per square foot then was $583. Not a good trend, if it is a trend.

None of the single family home sales in March 2009 would be considered a major Key West home. I wrote about 804 Elizabeth Street several times. It was originally listed for sale in April 2007 for $1,695,000, and it sold in March 2009 at $950,000 or $490 per square foot. That house had one of the most beautiful pools on the island. The location is a short two block walk to Duval Street. And there were two off street parking spaces. Congratulations to Jeff Dunaway for finding the lucky buyer on this great home.

Last month there were a total of twelve condo and town home sales in Key West. Three of those were identified as short sales. But five were bank owned properties. That means 66% of our condo and town home sales were distressed properties. And there is no accounting for what factors went into the other non-distress sales. Two of the bank owned properties that sold were previously mentioned in my blog as buying opportunities. The first was a third floor condo at Sunset Marina. The condo had previously sold in August 2005 for $885,000. It was sold by the bank for just $370,000. The really cute house (officially it's a condo because it is located in a compound) at 1118 Olivia Street was listed for $359,000 and sold in just a couple of days for $349,000. That was a great buy. (As a side note, a nice little house went in the mls this past Monday. It was bank owned. I called the listing agent to get access to see the property for a buyer. It was already under contract. If you want to buy a bank property, be prepared to act quickly and make a sensible offer.)

There are lots of houses and condos for sale in Key West. Some are dogs. And there are some really beautiful properties available at potentially great prices. I am a firm believer that every property listed for sale today is listed because the seller really wants to sell. CLICK HERE to search the Key West mls database to find the bargain you have been hoping for. If you are looking to purchase a place in Key West, please call me, Gary Thomas, 305.766.2642, or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc., the exclusive Florida Keys affiliate of Christies Great Estates.