First Three Quarters Real Estate Sales Report - Key West

 I just did a quick review of the real estate sales for the Island of Key West for the first nine months of 2012. Shall we celebrate with a Key West "segar" and some Mumm's champagne?

I did not include any sales on Stock Island, the golf course, or any house, condo, trailer, etc. located east of Cow Key Channel. The reason I did this is that when potential buyers want to buy a place in Key West they tend to resist even looking at anything off the island itself. It usually takes a more open and accepting buyer who wants a real value to agree to look at the golf course, Key Haven, or areas beyond to the east.

There were 166 single family home sales in Key West that closed between January 1, 2012 and today.  Seventeen (17) of those sales were bank owned houses. Most of those houses were in the very bottom of the price range of all houses sold. A couple were absolute disasters. I was given permission to write about one that had serious mold issues. I wrote about another that had been the victim of owner remodeling without building permits. The resulting house was a horrible mess.  I got multiple calls and emails from potential buyers on a bank owned house in the area just east of White Street. That house had been butchered by a former owner who created an outdoor bathroom complete with working toilet but no walls on three sides. (Maybe his wife made him do it.) Another bank owned house at 916 Frances Street was located next door to a popular titty bar.  That property had lots of buyer interest not because of the location but because of the size of the house (2720 sq ft)  but because of the asking price of $282,500. It sold at $260,000 or $152 per sq ft. The pricing reflected the location and condition, but the house was a real value in my opinion, especially to a local. One bank owned property had been on the market for several years as a short sale. That place had been carved up by an owner into three units without the city knowing about it. Somebody thinks they got a good deal because the buyer paid a premium over the asking price. ( I had a buyer who wanted to buy the place, but I talked him out of it. It had way too many legal and structural problems in my opinion.) Finally, the most expensive bank owned house to sell was one located in Truman Annex. That house sold for $2,000,000 in February 2004 and re-sold in May 2012 for $1,700,000.

We had fifteen (15) sales identified as short sales in the same time period. The most notable short sale was the home located in the 400 block of Elizabeth Street which was on the market for 1357 days. It was a gracious and very beautifully renovated home with all the bells and whistles plus the advantage of being located on one of the best blocks in Key West. It sold as a short sale for the price of $1,800,000. Two things happened on February 20, 2012. The listing designation changed from regular "active" listing to "short sale" and the asking price dropped from $2,290,000 to $1,800,000. The property was under contract eight days later. Somebody got a heck of a deal. Good for them.

Twenty-one (21) single family homes sold for over $1,000,000 in the first nine months of this year. The average sales price on a per sq ft basis was $662 for a house with an average square footage of $2575 s.f.  Most of these homes were in the Old Town and Casa Marina areas. The largest sale by dollar amount was a home on Sunset Key that sold for $5,000,000.  It is very interesting to note that five of the over one million dollar sales were only available for a few days before they were snatched up. Those five houses were on the market for an average of 24 days.

There are a lot of potential buyers looking for houses (and condos) in Key West.  Most active agents have a list of buyers who are looking. (Some share the same buyers and don't know it, unfortunately. It really hurts when you find out someone you have been working with has been seeing another agent on the side so to speak.)

If you are a serious buyer looking for a house in Key West you need to set realistic expectations.  I mentioned that I did not include houses at the golf course in my discussion today. That's not because I don't like the golf course, it is because a lot of buyers consider it like living in Big Pine Key. It is not. It is a suburb of Key West. It is a ten minute car ride to Old Town on a normal day.  It is quiet and laid back location. The same is true for Key Haven where most of the homes are located on canals. A few minute car ride could save you thousands of dollars in purchase price and probably provide you with a larger house than you could find in Key West in most instances for a comparably priced home.

Cash buyers still trump buyers who need to borrow to buy a house.  Cash buyers with a lot of cash can sometimes get a helluva deal as compared to buyers who need to finance. The house as 512 Fleming Street with a pool, off street parking, and a transient license sold for $1,080,000, or an $85,000 premium over the asking price. There were multiple cash offers on this property.  If you are a cash buyer and if you are presented with a buying opportunity, you really need to consider using your buying leverage because if you do not, someone else will. And you will be left on the sidelines wishing you had spent a couple of thousand dollars more. 

Non-cash buyers ought to expand their base of housing types and locations to consider. And they ought to realize that there are lots of folks just like them looking a buying a house in an ever-shrinking market. Sometimes buyers think they are the only potential buyer. That is foolish thinking. 

If you are looking to buy a place in Key West and are not working with an agent, please consider contacting me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a buyer agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me help you find your place in Paradise. Maybe in a couple of months you'll be the one smoking the segar or sipping the champagne.

2434 Linda Avenue - Bank Owned - Key West

 
The recently listed Bank Owned house at 2434 Linda Avenue in the Mid Town area of Key West ought to appeal to Key Westers looking for a large family home in a nice neighborhood.  The Monroe County Property Appraiser shows this home has 1476 sq ft of living space. It looks as though a garage was enclosed to create living space for a mother-in-law or an out of work uncle.

Mother in law entrance is shown above

The listing Realtors describes the property:
"Nice family home conveniently located close to everything. This property consists of 3 bedrooms and 2 baths and sits on a large corner lot. Home is moving in ready and waiting for you."

This ranch style house was built in 1952 is CBS construction with an asphalt single roof. Most of the other homes in the immediate area were built around the same time and were of similar design and construction. I walked the block and noted how the yards are all different and how individual owners have added onto the homes.  Many of the neighboring properties have metal roofs, privacy fences in front and rear, and lushly landscaped yards. CLICK HERE to view the mls datasheet and to view listing photos. 

2434 Linda Avenue sits on an enormous 7566 sq ft lot. The corner lot is located at the intersection of Linda Avenue and Government Road which leads to the back side of the mangroves and salt ponds to the south.  Click GOOGLE MAP for an aerial perspective of the location and then click the toggle switch for a street view. Walk the street and checkout the neighborhood. There are some very nice homes in this area.

In 2010 this home benefited of over $37,000 in the airport noise abatement program that included the replacement of windows, doors, addition of insulation, and new new split system air conditioning.  Electiric system upgrades included "INSTALL BRANCH CIRCUITRY AND AHH, CU AND 3 SPLIT DUCTLESS A/C SYSTEM, SMOKE DETECTORS WITH ASSOC BOXES AND OVER-CURRENT PROTECTION; EXTEND EXISTING SUB-FEED PANEL TO ENW 100 AMP LOAD CENTER WITH ASSOC CONDUIT AND FEEDERS". This, Dear Reader, is money well spent and it is something a new homeowner will benefit from for years.

The house was in an area that flooded during Wilma. It looked to me as though everything was was replaced on the inside including drywall, kitchen, and bath.  There is new tile and wood flooring throughout. 

In my opinion there is an overly large and obtrusive patio type roof that overwhelms the back of this home. I think a former owner might have used the area as a covered work space. A new owner could rip that sucker off and take advantage of the really large yard. There is an existing small building that a new owner might convert to a pool house or bar overlooking the new pool.  The back area is huge. Use it! The front, side, and back yards would look so much more attractive and provide much more privacy if a nice fence was installed around the property. Finally, a new owner should do some much needed landscaping. This home would look so much better if the hard edges were honed with some soft-scaping.

 I took some additional photos which you can view if you CLICK HERE.  Better than that why don't you call me, Gary Thomas, 305-766-2642 and schedule a showing for this nice family sized home that is affordably priced. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. 

232 Golf Club Drive - Bank Owned - Key West

232 Golf Club Drive - Key West

Just listed, but not by me, a really attractive spa home located inside the cloistered Sanctuary at the Key West Golf Club community.  I got a chance to visit this new Bank Owned listing this morning, took some photos which you may view if you CLICK HERE.  This 1120 Sq Ft home has two bedrooms, two and one-half baths, a spa pool, covered off street parking, and it is offered at only $384,900.  I challenge you bargain hunters to find anything comparable as far as age, amenities, or price in the Key West area. I don't think you can do it.

The listing Realtor describes 232 Golf Club Drive thus:

"Island Style Living At Its Best In This Private Community The Sanctuary, A Gated Community Within Key West Golf Club. Spacious Living Area On The First Floor With French Doors Leads You Outside To Enjoy The Dip Pool. Second Floor Has 2 Bedrooms Each With Their Own Bath, A Laundry Closet, And A Large Balcony Off The Master Bedroom. Needs Your Personal Touches." 

I liked this place. Most of the rooms are painted green which I find to be a little "wrong", but that's an easy thing to fix. The kitchen appliances are dated and are relatively an inexpensive fix as well. The main floor is tiled and looks to be in good shape. I did not notice any damaged tiles. The stairway and second floor bedrooms are carpeted. The carpet needs replaced. Again, that is an easy fix. 

The master bedroom with en-suite bath is located on the second floor. The bedroom has a vaulted ceiling which adds a spacious feel to the room that has windows on two sides plus access to the front second floor balcony which spans the house.  The second bedroom has a good sized en-suite bath as well, bu tit does not have access to the balcony. Speaking of the balcony: the view is killer! Wow! This view here belies the inexpensive price tag. Your friends and family will be so jelly!

I also looked at the outside. I did not see any rotted framing on the window trim which is sometimes seen on some houses there. This home looks like it has been well maintained. The front facade almost looked like it had been freshly painted. It wasn't, but it looked to be in excellent condition.  That to me means a new buyer will not need to be doing many exterior "fit-it" jobs.

The back area is where us Key Westers spend much of our life. The outdoor area here has a "spa" or mini-pool.  You can't do laps in that pool, but you can relax and enjoy your Key West home.  The little garden could use a little fixing. It doesn't look bad; it just doesn't look as cute as it could. Again, this is an easy and inexexpensive fix.

Even though this home is unattached to any other property, it is classified as a town home.  As such the homeowner is responsible for exterior maintenance, insurance, etc. 

 The covered parking spot is located 46 paces from the front entrance to 232 Golf Club Drive. That's sixty seconds or less. More if you are old. But it's convenient no matter what.

The Key West Golf Club Community has two pools, one of which quite large. There is also a fitness center available to homeowners at no extra fee. And of course the homes are all located next to the golf course. The community grounds are meticulously maintained.  The home owner association fees are $333 per month. This fee includes cable tv, common area maintenance, security, and management.

CLICK HERE to view the Key West Association of Realtors mls database and listing photos.  If you would like to see this property, or any other property in Key West, please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.

Bank Owned - 1221 20th St - Key West

Attention Key West bargain hunters, this is your second chance at this Bank Owned house that just went back on the market on August 8th. It went under contract right after it was listed a couple of weeks ago. For whatever reason, the house is now available a second time. I took a quick peek this morning, snapped some pics, and I am here to report that I think this is a good deal. (Not that my opinion means that much.)

1221 20th Street is located on the east end of the island of Key West. It sits on a large lot (6,900 sq ft  (69' x 100') at the corner of Donald Avenue and 20th Street. This is a family area of Key West where most of the homes, like this one, are ranch style homes. This home was built in 1965. The Monroe County Property Appraiser shows this house as having 1,646 sq ft of living space under air. I suspect the living space is actually larger than that as a former carport appears to have been enclosed to create a mother in law apartment and a back porch may have also been enclosed to create the more recent laundry room.

The main house appears to have been recently painted and updated with new carpet in the master bedroom and a second bedroom. The main living area and kitchen have Salitllo tile floors.  The kitchen appears to have been remodeled and updated in the past few years. A nice pantry sits just off the kitchen. The house appeared to me to be in move in condition.

Mother in Law unit

The mother in law apartment has a living area, mini kitchen, bath, and bedroom. That would be a great place for a teenager who wants his or her own space and would add a fourth bedroom and an additional bath to the property as a whole. CLICK HERE to view the Key West Association of Realtors mls datasheet on this Bank Owned house that is offered at $389,900. If I am correct about the mother in law and laundry area not being included in the Appraiser's database, the square footage would probably increase by about 400 sq ft.

I think the really attractive feature of this home is the large backyard and pool area. There is a lot of space, a nice pool in place, and lots of room to create a really wonderful outdoor living area.  A lot has already been done, but it is not perfect-yet.  But it could be. See the photos below and imagine how you could embellish this property and make it your own.

The rear and south side of the property have a lot of potential for a new home owner with a green thumb. The area is ready for some TLC, some creativity, add a few extra bucks to complete the landscaping of this really pretty pool and garden area.  CLICK HERE to view photos I took today of the house and garden area.

If you would like to see this home or any other property for sale it the Key West area please contact me, Gary Thomas, 305-766-2642. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Let me help you find your place in Paradise.

Recent "SOLDS" in Key West

A few weeks ago a reader asked if I ever report on houses that I wrote about which sold. I replied back that I usually do a years-end recap. We are near the end of our spring selling season so now is just as good a time as any to report on what sold since January 1st.

Click on any blue linked address to read the blog I wrote about the specific property. Compare what I wrote then to what the property sold for. 

1230 5th Avenue was a real bank owned "fixer".  The place had its share of problems because of what looked like un-permitted home owner remodels gone bad.  The house was initially listed at $340,000 and was reduced to $199,900 when it finally went under contract. The property sold at $207,000 or $7,100 over asking price.

I wrote about the Sunrise at Seaside Short Sale in May 2011. The initial asking price was $278,000 but the unit sold for just $215,000. That price included a transient rental license and all furnishings.

419 United Street #2 was a two bedroom condo in a large old Key West home that had been converted into four condos. The asking price on this short sale was just $299,000. The buyer ended up paying only $235,000 for the unit which has its own private swimming pool - not part of the common area. Great deal for the buyer who hung on and on and on.

Coincidentally the same agent who listed 419 United Street also listed 1133 Von Phister which I wrote about a couple of years ago. This 'condo' was carved out of a larger house with huge grounds that were sold separately during the housing boom. This little unit sold for $750,000 back then but was re-sold as a short sale for just $240,000. That's an incredible price for a small house in the Casa Marina area. This is one lucky buyer.

I wrote about the quite large bank owned 'fixer' at 1017 17th Street in July 2011. It was offered at $359,000 at that time. It eventually sold at $281,000.

The just darling little cottage at 1118 Olivia Street is part of the Lionsgate Condominiums. It is a stand alone house in the exclusive little development. It was listed at $365,000 and sold in eight days for $352,500.

Speaking of cute, the cute little two bedroom home at 1216 Knowles Lane was listed at $399,000 and sold five days later for $390,000. The Old Town location and quite little lane attracted many buyers at the outset of the season.

There is one house I did not write about, but was tempted to do so. It was on Realtor caravan several months ago. The listing agent was a dear friend of mine at Prudential. Perhaps forty agents went inside this particular house and within a few seconds had flashbacks to our college days. The aroma of weed permeated that air - almost as thick as the smell of burning brush along the Florida Turnpike. That little peace of paradise eventually sold. Congrats to my friend who stuck with this property.

I wrote about the property at 846 Olivia Street a couple of times. It was originally offered at $529,000. The location across the street from the Key West cemetery spooked a lot of potential buyers. That cemetery has always suppressed prices. It's a shame because the cemetery provides a quite environment at night, and during the daytime the open spaces provide abundant light that is often missing in many parts of Old Town. The house sold at he end of February for $410,000. Quite a bargain.

I wrote about 1025 Thompson Lane several times. It was originally priced at $525,000 and went through several price reductions. The really charming home sold for $435,000. That is less than the cost of a condo at Shipyard. The house is adorable. Somebody got a great deal.

215 Golf Club Drive was a bank owned property originally listed at $478,900. When the asking price was reduced to $464,900 several offers were made which resulted in a best and final bidding situation. The house sold for $465,000. That was another great buy.

Old Town lovers will remember the charming house at 2 Hunts Lane that was offered at $489,000. This little gem sold at $470,000 or $480 per sq ft.

Meadows lovers may recall the super cute two bedroom/two bath home with a pool (but no parking) at 1311 Newton Street. I showed this lovely home several times. I really liked it. It sold for $474,150. or $605 per sq ft.

 

I wrote about the Rose Tattoo House at 1421 Duncan Street a couple of times over the past few years. It was the site where the famous movie of the same name was filmed. Tennessee Williams, the playwright, lived next door at 1421 Duncan (see photo above) and watched filming.  The house was listed at $615,000 and sold for $530,000.

The cute little cottage at 1123 Von Phister Street is located just a couple of doors from where I lived.  It was listed for sale at $595,000 and sold at $540,000. It was purchased by the owner of the larger house next door and will be used as a guest cottage. This house sold at $632 per sq ft. What a deal! 

Then there was the super clean and ultra-neat two bedroom/two bath two story townhome located at 1005B United Street. Listed at $589,000 this place sold for $540,000. It had a beautiful new kitchen and gracious decorating throughout. It set the stage for two other sales of similar units located nearby but neither of which compared to the interior features of this place. This buyer won!

627 Southard Street was a bank owned property from hell. The property was listed at $399,900 on April 3rd and went under contract on April 10th. It sold for $560,000. I heard there were ten offers submitted. I submitted an all cash offer of $555,000 for a buyer.  Workers are at the property now demolishing much of the interior to make way for new renovations. This property has a great Old Town location. The building was the scene of intolerable cruelty to animals. It's really troublesome that a city that will not let a homeowner cut down a tree or paint a house an odd color of blue would sit back and do nothing to protect helpless little animals.

1104 Angela Street appeared in my blog several times. It is a really nice little two bedroom/two bath home with a pool and parking. It was listed at $619,000 and sold at $575,000 or $434 per sq ft. I think the new owner got a great little house for the money.

Speaking of great little houses, the so charming home at 811 Carey Lane was listed at $589,000 and sold for $580,000. This place has a cool, laid back style that I just loved. It did not have a pool and one of the bedrooms was a bit smallish. Those are both things that could be changed. The location is terrific.

I got a phone call this past weekend from a reader who asked about 1319 Newton Street. He read about the house in my blog and looked at it with another agent. (I hate that.) He asked how much it sold for. Asked: $595,000. Sold: $586,000. No pool or parking, but this was and is one of the prettiest little houses in Key West. By the way, the caller is now looking again and this time he wants me to show him houses.

6 Havana Lane was a "steal". I really liked this house. It had everything potential buyers wanted except a prime location. The lane is just off Truman Avenue and some buyers pooh-poohed it. They missed the point. This house has two (or three) bedrooms, a pool, and off street parking. The inside of the house is as cute as can be. The exterior is really quite charming and the grounds are seductive. It is located  the same distance from Duval as houses that cost twice as much. This house was listed at $625,000 and sold for $600,000 or $588 per sq ft. Great buy!

811 Washington #103 was a short sale of a recently built three story 3 bed/ 3.5 bath townhome with private pool, Viking kitchen, and superior construction and features throughout. The house listed and sold at $655,000 or $292 per sq ft. All this and a superior Casa Marina area location to boot. Congratulations!

920 Cornish Lane is another Key West storybook cottage success story. This lovely little home was offered at $735,000 and sold for $705,000 or $714 per sq ft. Remember this place had no pool nor parking. Quite a high price for a great little property.

204-1 Southard Street appeared in my blog as well. It is a lovely two story three bedroom end unit with 1100 sq ft of living space and an enviable on the park location in Shipyard. This house was offered at $$795,000 and sold at $742 or $674 per sq ft. Prices are on the rise in Shipyard.

La Casa Roja at 1403 Catherine Street went under contract in just one day and sold at the asking price of $750,000. This has got to be one of the sweetest homes in Key West. I heard the home inspector said he had never seen a house in such good a condition or that had such superior construction in all the time he had been a contractor or home inspector.

815 Sawyers Lane was listed just before Christmas in 2011 at $829,000.It sold for $775,000. The eyebrow house is located on a storybook lane near the Key West seaport.The house had 2 or 3 bedrooms, 2 baths, a pool, and off street parking.

I showed the grand old house at 1114 Fleming Street several times over the past year. I really loved the old school character of this property. Various features of the house showed the age of the place including some extra wide old growth wood, window panes that rippled with age, and simple design elements that new homes no longer use. This place is a Key West charmer! It sold at $980,000 down from the original $1,450,000.

628 William Street appeared in my blog a several times over the past few years. It was offered at $$.039,000 and sold for $995,000. The home had 2 or 3 bedrooms, 2 baths, a pool and off street parking. And it is located on one of the very best blocks in Old Town. This buyer got a great buy.

 1320 Reynolds Street appeared in my blog on March 7th, just days after being listed for $2,200,000. The asking price on this Casa Marina contemporary went under contract a couple of weeks later and closed on May 29th at $1,950,000.


If you are thinking of buying a home in Key West please consider working with me, Gary Thomas. I am a buyers agent and a full time Realtor at Preferred Properties Key West. Contact me at 305-766-2642 or by email at kw1101v@aol.comkw1101v@aol.com. Let me help you find your home in Paradise.