817 Eaton Street - Old Town - Key West

817 Eaton Street - Old Town - Key West

Just Listed, but not by me, 817 Eaton Street Unit 1, Key West, Florida. This unit is one of five total units in this 2003 renovated condo project right in the heart of Old Town. This is a ground floor unit so you will not have lots of stairs to climb. The listing agent describes this property this way:

"Beatiful, well maintained one bedroom condominium in the Heart of Old Town. Walking disctance to all that Old Town Key West has to offer."

817 Eaton Street as it appeared in 1965

The original house at 817 Eaton Street (shown above) was built in 1892. It was altered a bit over the years and converted into condominiums in 2003. Four of the units are located in the Eaton Street building and the fifth unit is in a two story stand alone carriage house located on Gecko Lane. Gecko Lane is the small lane just to the left of the telephone pole in the photo. You would be surprised at the beautiful homes at the end of this inconspicuous lane . There is off street parking for four cars CLICK HERE. (The mls listing data sheet states that parking is not included with this unit. I would point out that other units I have shown have also declined to state that parking "is included" in the other units. The condo conversion was thoughtful. Each of the units has a good layout with comfortable living spaces. This unit has a front porch for outside living space. There is no pool or other common outside area.

Unit 1 has a first floor front porch view

CLICK HERE to review the mls data sheet and to view the mls listing photos. This 805 sq ft unit has a large space that occupies most of the first floor of this property. The unit has one bedroom and one bath. The rooms are good sized. The walls are Dade County Pine and the floors are genuine oak--not the new fangled engineered kind, either. The asking price on this BANK OWNED Condominium is $242,900.

Readers, this is another property priced to sell quickly. If you snooze on this one, you will lose. If you are looking for a good sized condo in Old Town within walking distance to everything Old Town has to offer, this may be the property you have been waiting for. I know a lot of people say they must have a pool. I get it. Finding a nice unit this large at this price with a pool is problematic. I have a very viable and very affordable alternative. Buy this place and walk two blocks to Dante's. For the price of a couple of drinks, you can lay by the pool CLICK HERE all day long at the Conch Harbor Marina. A lot of locals do it. You might even meet somebody to brighten your life there. Your condo assocation fees won't be as high but your bar bill may be higher-lol.

CLICK HERE to do your own price and feature comparison shopping for units in all of Key West priced under $245,000. Note some of the units are short sales so there is no guarantee those units can be purchased for the price offered. If you would like to see 817 Eaton Street, please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

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900 White Street - Old Town - Key West

It is getting harder and harder to find houses and condos in Old Town priced under $400,000 that actually look really nice and that have more living space than a large shoe.



The condo at 900 White Street (Unit #2) has 1042 sq ft of living space plus 3 bedrooms and 2 bathrooms. The original craftsman style home was made into condos a few years back and this nice looking unit is now available at $325,000 or $312 per sq ft. This is how the listing agent describes this Key West property:

"Striking three bedroom, two bath condo is one of only three units in an authentic Craftsman Bungalow. Spacious living/dining room, large cook's kitchen, gleaming wooden floors and high ceilings. Private yard, hot tub and sitting porch. High end renovation with many special touches. Entrance on Olivia Street."

I must confess I have not been inside but I think this one is definitely worth taking a look at. CLICK HERE to review the mls listing data sheet and to checkout the listing photos. If you are looking for a nice place that appears to have been thoughtfully renovated and you do not require a pool, let's go take a look together.

Yes White Street can be busy at times, especially around rush hour. (That's from 4:45 to 5:15.) After then traffic is intermittent and decreases as the night grows older. Traffic on the weekends is very moderate. I think a place like this is worth looking at several different times so you can judge for yourself whether the traffic would cause you not to want to consider it.

Consider the location for another reason: proximity. 900 White Street is located on the corner of White and Olivia. One block to the south you can get the best fried chicken in Key West at Dion's. Two blocks to the south you can get your morning con leche at Sandy's Cafe, or walk across the street to Faustos to do some quick shopping. Three blocks to the south is Island Gym where you might run into me. Of course you could walk just one block north and hit up a couple of galleries, take a yoga or spinning class, or maybe indulge in some Cuban food at Jose's Cantina. A couple blocks further and you could dine at Cafe Sole, but bring a big appetite cause they have big forks and spoons. 900 White is perhaps a 10 minute walk to some of the nightlife on Duval. Check for Adam's apples!

If you would like to see 900 Whiter Street (or any other place in Key West, please call me, Gary Thomas, 305.766.2642 . I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let's see if the shoe fits!

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1800 Atlantic Condominium - Bank Owned - Key West Waterfront

Just listed, but not by me, 1800 Atlantic Condominium Unit # A-109. There are several units for sale at 1800 Atlantic but this one caught my eye because it is "Bank Owned" and priced at just $375,400. Just a few weeks ago it was offered at the asking price was $650,000. Yikes!

This unit is located on the first floor (above covered parking) in the A wing (or the west wing). It has courtyard and partial pool and ocean views. The listing Realtor describes this bank owned unit this way:

"Lush Tropical Courtyard View. 2 Bedroom 2 Bath Located In The Most Desired Condominium Complex In Key West. Completely Remodeled From Top To Bottom, Kitchen And Bathrooms. Hardwood Floors, Crown Molding. Seller Will Credit Buyer Up To A Maximum 3% Of Sales Price Towards Closing Costs If Negotiated In Final Signed Counter Offer."

Now let's see how the previous listing Realtor descried the exact same property:

"Luxurious tropical courtyard view two bedroom condo. This exceptional condo has a City of Key West Transient License which permits the owner to rent on a short term basis.This property is totally remodelled, no attention to detail was spared, top of the line finishes, hardwood floors, Crown molding, Recessed lighting. This unit was designed by an interior decorator and is being sold totally turn-key. This unit is on a Transient rental program and will require notice to show if occupied by a guest."

I "borrowed" photos from the previous listing that show what this unit looks like when it is nicely furnished. CLICK HERE to checkout the current mls listing info and to view the current photos. I'm not faulting the agent, most unfurnished spaces do not show well. That 's why looking at pics of this same space can give buyers feel for what they can do with the same space. Except now the same space is priced much better.

(Remember, these are all photos from before this property became bank owned and do not depict what this unit looks like today.)

If you have looked at units at 1800 Atlantic before you know that some units have been remodeled and others are pretty much the same today as they were when they were built. The photos show that this unit has been remodeled. The air conditioner was replaced in 2005.

1800 Atlantic Condominiums have a great reputation. Guests return year after year because they know exactly what to expect. The love the ocean, the huge Olympic pool, three tennis courts, and proximity to Smathers Beach. The condos are close enough to town to bike but far from the madding crowd when distance is held dear.

If you would like to see this unit, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty,Inc. in Key West. This unit probably will not be on the market very long at this price.

Open House - Sunday - 1502 Petronia St. - Key West

1502 Petronia Street - The Meadows - Key West
Open Sunday 1:00 pm to 3:00 pm

Originally Priced $1,795,000 Now $975,000

1502 Petronia Street is priced at $975,000 or $568 per sq ft for this 1717 sq ft home. It is owned by a local bank in Key West. Come by and compare what you can get for your money. This property is one of eight completed in 2007. Four units are currently available. This unit is the only two bedroom unit available, and it is a doozy! This home is located on the corner and it has a lot of privacy and great view from the second floor front porch where you can sit and watch the incredible Key West sunsets every night. Only One house sits across the street. That house takes up the entire block. It is priced at $4,795,000. Nice neighborhood! (You will not need to worry about declining property values!)

The home at 1502 Petronia Street is part of The Meadows condo association which is comprised of eight homes. Each home is owned in fee simple and sits on an individually owned lot. The association exists to provide access to rear parking via gated driveway and storm water runoff.

The homes were newly built in 2007 with top of the line materials and craftsmanship. This home features soaring 11' ceilings in the living area and kitchen. The kitchen has top of the line stainless steel appliances, beautiful granite and solid wood cabinets. The kitchen area includes the lower portion of a two story turret. The turret portion of the kitchen is configured as an office or nook area of sorts. There are lots of windows in the kitchen so your cooking will not be a chore but a dream. There is also a wet bar in the living room. The floors on the first floor are travertine marble. The stairway and second floor bedrooms have wood floors. The master bedroom features a second turet. The ceiling is vaulted so that room has an especially large feel, yet the turret makes the space so very special. The master bath is just opulent. I challenge you to find any more luxurious bath in Key West for less than $2 million. You won't find one.

Architectural details including crown molding, high ceilings, porches and solid wood doors. The wood doors on the first and second floor front are massive and of the highest quality. The 8' sliding doors that separate the living area from the pool are hurricane impact resistant to 155 mph that open wide to let the outside become part of the inside. A private, gated drive leads to the carport and a separate entry to the private pool and spa area. Each home is completely fenced and beautifully landscaped. CLICK HERE to see more photos and listing information on 1502 Petronia Street.

This home is located in the Meadows area of Key West. Bayview Park, complete with an old fashioned bandstand and public tennis courts, is located three blocks to the south. The White Street arts district is a five minute walk. The Garrison Bight Marina is located one half block away. Duval Street and the Historic Seaport are each a five minute bike ride. The three large shopping centers (large by Key West standards) are five minutes by car. The Key West International Airport is five to seven minutes depending on traffic.



I think empty nesters or a gay couple would find this home to be just about perfect. Stop by on Sunday to check it out.

CLICK HERE to view a list of of town homes and condos with similar features that were built about the same time. Compare the prices (and the size, amenities, and location) to see why I think 1502 Petronia Street is such a really good buy.

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)!

October Real Estate Sales in Key West

There were several real estate closings in October that mark the resilience of the Key West real estate market. There were 18 single family home sales in all of Key West. I found 4 single family short sales and one bank owned sale during that time. There was only one sale in the core area of Old Town. ( It was a small Conch house at 726 Fleming Street. Great location and it had a pool. But I don't think the city knows there is a pool there. It looked more "homemade" than any pool I ever saw. The place has a transient license, but the license had not been used in years. That house sold at $537 per sq ft.) In October 2008 there were 14 single family home sales. That is a 23% increase in sales over last year.

There were 13 condo and townhome sales in October 2009. We had the same number in 2008. Four of the 13 were noted as short sales and three were shown as bank owned. But CLICK HERE to see a shocker. I missed it when it happened because I did not recognize the street address. You see there have not been many sales at 281 Trumbo Road (more commonly referred to as The Steam Plant). This 2884 sq ft unit was sold Doug Mayberry for a whopping $2,835,000 or $980 per sq ft. Congrats!

I was also encouraged by the brisk activity of recent listings that went under contract this past month. 907 Elizabeth Street, 1126 Stump Lane, 709 Windsor Lane (all Old Town locations) went under contract within a couple of days of being listed. Despite what some naysayers may espouse, the Key West real estate market is very active.

It is listing season again. Many sellers traditionally wait until just before the holidays to list houses for sale. The asking prices for Old Town and Casa Marina appear to be rising on a per sq ft basis for nicer homes in the Old Town and Casa Marina areas. I'm not saying that the sales prices are up there, but the asking prices are starting to rise. There aren't many houses under $1 million in Old Town or Casa Marina. But there are a lot of single family homes priced just under $1.8 million and higher in those same areas. It will be interesting to see how the law of supply and demand works out. I know there are some very pricey houses whose owners need to sell. And there are some cash rich buyers looking for a prize property at a bargain price.

There are still plenty of condos and townhomes on the market, but the availability of units in some locations (like the Key West Golf Club) is starting to shrink. Most of the cheaper units are not where second home buyers want to be. Eighteen of the houses or condos that sold in October were priced at or under $500,000 with an average price per of $254 per sq ft. Again, most of those units are in areas that most second home owners would not consider as a second home location (except the golf course or Old Town).

The market is contracting. The market is demanding. The market is not egalitarian.

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

September 2009 Real Estate Sales - Key West

Summers are historically slow selling times for houses in Key West. A lot of locals leave town and shut their businesses in September because business is so slow. But September 2009 saw a flurry of real estate activity.

There were 30 single family homes that sold in September. Six were bank owned houses and eight were short sales. The sellers on a couple of the other sales offered bonuses to selling agents so even though those sales were not "short", they may have been goosed a bit. But lest you think only the low end houses are selling, consider the sale of 1425 White Street at $2,683,000 CLICK HERE or $771 per sq ft (Casa Marina Area on one of the busiest intersections in Key West nonetheless!). CLICK HERE to view 6 Lopez Lane which I wrote about a few months ago. It sold for $1,225,000 or $586 per sq ft. Earlier this month I wrote about the sale of 503 Noah Lane in Truman Annex that sold for $2,325,000 or $668 per sq ft. Don't overlook 1 Pinder Lane that was under contract for less than a week. This little Old Town fixer-to-be CLICK HERE sold for $810,000 or $618 per sq ft-that is for a house that needs work but that is located on a great Old Town lane. (The house was purchased by the adjacent property owner. It does not matter. Someone else would have bought that treasure at that price.) CLICK HERE to see all of the single family houses that sold in Key West during September.

If you are a potential buyer and know the Key West real estate market look over the list of solds and consider the locations and price per sq ft. We are still in depressed real estate environment but the sale of 1425 White Street in an arguably bad location is one heck of a price. Same thing for the fixer on Pinder Lane. It had a great location but the house needs work. If a buyer put $250 or $300 per sq ft into remodeling Pinder, that would price that house finished at just somewhere around $900 per sq ft. Think about it.

In 2008 there were 24 single family home sales in Key West of which 15 were bank owned of short sales. But in 2007 there were only five single family home sales that closed in September. Wow!

Key West had a total of 25 condo and town home sales in September. Five were bank owned units and ten were short sales. I mentioned in an earlier blog that our office represented principals in two of the high priced sales this month - one at Harbor Place that sold for $1,200,000 and the other at Beach Club that sold for $1,550,000.

There was one very interesting short sale located at 31 Seaside Court South CLICK HERE. I wrote about it in my blog months ago. I showed it a couple of times. The place was stunning. It sold for $599,000 or $313 per sq ft. There are several short sale and resale units at Seaside. It will be interesting to see how this sale affects the sale of those units. I was in one of five recently listed short sales units. They do not compare to the quality of interior finishes of the one that sold. That is just my opinion.

And five of the condos and town homes that sold in September were located at the Key West Golf Club. The sales price averaged $247 per sq ft. A few months ago there were 20 or so units available at the Golf Club Development. That number has dwindled to nine active listings. Only one listing is shown as a short sale and one is priced in the stratosphere for no good reason. I called the listing agent about that place a couple of months ago. I thought maybe he/she had made an error in posting the price. No the price was correct, but way out of this world. The remaining units are normal market resales at asking prices much higher than the recent solds.

I started to write a blog entry the other day and bit my tongue and decided to shut up. I was going to rant at what I see as a revival of the greed factor. Everybody in Key West is an expert on the real estate market and the mls database provides lots of information for the public. So it is not surprising that locals can determine for themselves what I have been saying for a couple of months that our little real estate market is on the uptick. Those that do not need to sell are demanding higher prices. They can see that inventory of available houses is down, so they are asking more for what they have to sell.

That's all well and good if the entire market was heading up. It isn't. Parts are. There just are not very many single family homes in Old Town or Casa Marina offered for sale. There are still a lot of short sale condos and bank owned units all over Key West. Financing condos is a bit of a problem, but financing is available for qualified units. I think there will be more short sales and foreclosures of condos and town homes, especially in developments that have already experienced a lot of short sales and foreclosures. Once those properties get gobbled up at bargain prices that segment of the market should start to recover.

If you are looking to purchase a place in Key West please consider calling me, Gary Thomas, 305-766-2642, or contact me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. There are still some good deals left. Let me help you find one that works for you. If you wait too long, you may have to spend your vacations at the Heart Break Hotel.

27 Coral Way - Bank Owned - Condo - Key West

I used to tell people there was no such thing as a foreclosure in Key West. That was until a couple of years ago. Times change.

Just listed, but not by me, 27 Coral Way (Unit #14) at the Corral Hammock in Key West, Florida. This unit is Bank Owned and priced to sell at $293,500 or $211 per sq ft. CLICK HERE to read the detailed listing information and view several photos of the unit and the grounds.
This is how the listing Realtor describes this unit:

"Bank Foreclosure, priced to sell. This spacious 3Br/3Bth Townhome is in move in condition. This unit looks barely lived in. Coral Hammock Development has a total of only 56 units, a beautiful free form pool, tropically landscaped grounds, club house, gym, and in-house management. It is within bicycling distance to restaurants, marinas and the only golf course in the Lower Florida Keys. The Island City of Key West is just over one bridge, about 1 mile away. Although the units do not need a Transient License for vacation rentals, they can be rented transiently due to having on-sight management, a BIG plus. Come enjoy the Fabulous Florida Keys, in a modern, Conch style townhome. Make this your primary or second home. The price is right!"

I don't do property management, but our company does. Our office does not rent this or any other property at Coral Hammock that I am aware of. I always tell potential buyers that want to rent their future house or condo to select a good property manager. I tell them to checkout the website for graphics, content, ease of booking, etc. Management fees and management duties are up there, too. I suggest that my buyers stick with a current property manager if that company has a successful track record with the particular property. After all most second home buyers that purchase a rental property are relying on some third party to keep the place rented and throw off enough money to help amortize the mortgage.

I did a quick Google search and found all kinds of interesting information on Coral Hammock including this website CLICK HERE. Again, I am not involved in any management. But if you look at that website you may not see Bank Owned written on the buildings. Instead, you see some places that look pretty appealing.

I looked on Trip Advisor and there were some unhappy campers who complained. But there was this other "writer" who said "We enjoyed our stay and our condo and would love to return to Key West anytime..."

This Bank Owned unit backs onto U.S.1. You gotta know that. That is part of the reason this 1392 sq ft town home is priced at only $293,500. The pool is just beautiful. This place will surprise you.

If you are dreaming of owning a place in Key West and are interested in this property or any other property, please consider working with me, Gary Thomas, Realtor to the Dreamers. I am a full time Realtor at Preferred Properties Coastal Realty in Key West. Contact me at 305-766-2642 or email me at kw1101v@aol.com.

Pied-à-terre pour vous? 526 Wiiiam Street - Old Town - Key West

The term "Pied-à-terre" comes to mind when you first see 526 William Street Unit #3. This sharp 2 bedroom 1 and 1/2 bath two story unit is located on the second and third floors of the chic Delancey Hall Condominium. The living room and kitchen share the second floor space with a half bath and the interior stairway to the third floor bedrooms and bath. The front second balcony is shared with the unit across the hall. Other units in the building have their own private outdoor spaces.

There are only five units in this building that was very tastefully renovated in 2001. The front just oozes class. The side gate provides entry to the shared pool and bricked courtyard area. There is no off street parking. But since most of the surrounding properties are single family homes, street parking is not an issue.

The listing Realtor described this unit this way:

"Short Sale! Prime Old Town Locatation: 2bedroom 1.5 bath two-story condo. Delancey Hall Old Town Building. Spacious second floor plan with open living area, granite counters and custom cabinets. Dade Co. Pine wallsn Brazillian purple-heart hardwood floors, Italian marble floors, cathedral ceilings with crown molding. Brick terrace with landscaping and heated pool. Entry Bell & intercom on front. Convenient to Library, restaurants, Duval St and Waterfront. Most desirable William St block between Fleming and Southard Streets."

CLICK HERE to read more detailed information on Unit #3 that is priced to sell at $365,000. Don't get greedy. This is a price the listing Realtor believes that the mortgage lender will accept. So there is no sense is wasting printing ink or brain matter on a low ball offer. It will not fly.

I co-listed this unit in 2004-2005. I held several open houses at this property. Everybody loved it and the location. The only problem I know about this unit is the height of the bathroom ceiling. It is tucked into the roof and a tall person (someone over 6') will have to bend the neck to the side while taking a shower. Other than that the rooms are comfortably sized. This unit would make an excellent getaway place or one could live here full time.

If you would like to see 526 William Street please call me, Gary Thomas 305-766-2642. The unit is rented and requires 24 hour notice to be shown.

South of Truman - Old Town - Key West

Many months ago I wrote a blog entry that discussed people being creatures of habit. Maybe we become that way because teachers always made us sit in the same seat. So when we get big and got to choose where to sit, most of us go to the same spot time after time. I catch myself doing that sometimes. And sometimes I move to another place just so that I cannot be defined by where I sit.

A lot of people seem to vacation in the same location every year or sometimes more than once a year. Many people who come to Key West pick a particular hotel or guesthouse and stay there because they like the neighborhood and feel comfortable. They get to know the staff and feel like they belong. Gay guesthouses have repeat visitors all the time. But so do expensive places like the Marquesa Hotel. Vacationers and tourists alike go to familiar restaurants because they know they will always get a good meal or maybe just a cheap meal. But they go back again and again because they know what they can expect.

I have often written about Key West neighborhoods. The neighborhoods are where us locals live. I have never written about the South of Truman area as such. Until today. Almost every first time visitor makes it to the corner of Duval and Truman Streets. U.S. 1 (the only highway from mainland United States to Key West) becomes Truman Avenue at Eisenhower Drive (ten blocks to the east of Duval Street). The intersection at Duval diverts a lot of people to the north towards the heart of Old Town.

It is a ten block walk toward the north from Truman and Duval to reach the Gulf of Mexico. Of course you might never make it that far because of all the distractions like Bourbon Street Pub, Margaritaville, Rick's, Sloppy Joes, etc. And the area around the 800 Block of Duval is sure to attract some kind of commotion almost anytime. But if you decided to walk southward you could be at the Atlantic Ocean in only five blocks. Along the way you could get distracted by La Te Da, the Banana Cafe, the Butterfly Conservancy or a bunch of cute little art galleries and other diversions. The pace of living is so much easier and and noise level so much quieter south of Truman.

Listed below are some places that have become affordable to buyers who want a part time place in Key West. Many can be rented either as a vacation rental (rented for a period of 30 days or less but only rented one time per month) or that have a transient rental license which permits daily rental (just like a hotel room). I also included a few single family homes might work out as full time residences.

422 Louisa Street #7 CLICK HERE is a one bedroom one bath condo with a valuable transient License at the La Casas De Lucas which is located around the corner from the Cuban Club. Priced at $309,000.

508 Louisa #2 CLICK HERE is a one bedroom one bath unit located just steps west of Duval. Walk to Banana Cafe every morning for a bit of heaven. This 500 sq ft elegant little place is offered at $339,000. Rent it as a vacation rental when you are not in residence. It is eligible for a transient rental license.

422 Amelia Street #L-2 CLICK HERE is another one bed one bath unit that is also a part of La Casas De Lucas. This unit is Bank Owned (a local Key West bank - not a monolith). It is offered at $449,000 and it also has a valuable Transient License.

1102 Duval Street CLICK HERE is a one bedroom but two bath unit that is also Bank Owned (that same local bank) that is offered at $449,000. It also has a valuable Transient Rental License. It is located in the Cuban Club Condominiums. It has an assigned parking space.

1401 Simonton Street is the location of the new Santa Maria Condominiums. CLICK HERE to see the lowest priced unit. This Transient Licensed unit is offered as a Short Sale at $490,000. The unit has 907 sq ft of efficiently and elegantly designed living space. There are two bedrooms and two and one-half baths. There is a great tropical pool, parking, the Ambrosia Restaurant, and the Reach Resort provides access for use of its beach, pool, spa and is located right next door. There are several short sales and a few market priced sales over one million dollars in this complex. This listing is the least expensive.

407 Catherine Street CLICK HERE is located almost one block west of Duval Street. Most of the neighboring houses are still single family residential and all are in good condition. This single family home has two bedrooms and one bath and is offered at $649,000. It is has been really tastefully remodeled. The rear doors open wide to a great pool. This place is really cute.

408 Amelia Street CLICK HERE is a simple two bedroom one bath that is very economically priced at only $429,000. Most of the other homes and condos on this block are priced much higher. (This is basically an estate sale and it is priced to sell quickly.)

525 Louisa Street is a single family home CLICK HERE located about one-half block east of the Banana Cafe on Duval Street. This block has mostly single family homes and condos that are rented as vacation rentals. This house is currently used as a full time residence. But it could make a great vacation rental. It has a pool and off street parking. There is a white picket fence that keeps the outside out. Inside the house has been redone within the past few years. The kitchen was not quite completed. Use your imagination and complete this property. You might be able to turn it into a real money maker. It is offered at $850,000

625 Louisa Street CLICK HERE is a two bed three bath home built in 1989 that is part of a compound with a shared pool. Other than the shared pool, everything about this house is single family. It is offered at $659,000. Checkout the photo of the back of the house and that great pool.

634 Louisa Street is located east of Simonton Street and across the street from the Suburban Propane tank farm. CLICK HERE. It is a two bedroom two bath condo with 765 sq ft of living space on two floors. It is new construction in 2007. It is Bank Owned and offered at $269,000. This place probably would not be my idea of where I'd want to spend my two week vacation. Not because the place is not nice, but there is no pool. But it might appeal to a buyer that want a nice sized place in Old Town that does not cost a lot.

639 United Street CLICK HERE is a single family home that was tastefully redone a couple of years back. It is offered at $790,000. This 1350 sq ft home has 3 bedrooms, 3 baths, a beautiful pool and a pool house. Click on the link to see the photos of this place.

If you are looking for a place in Key West please consider working with me, Gary Thomas. Contact me at 305-766-2642 or by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coast Realty, Inc. We are an affiliate of Christie's Great Estates.

1800 Atlantic Condominiums - Key West Florida

There are a total of 14 units available for purchase at 1800 Atlantic Condominiums in Key West. The aerial photo above together with the photos of the pool and gardens ought to entice you to consider this oceanfront resort type property as a potential second home purchase. In addition to that fabulous Olympic sized pool and spa are the beach, three private tennis courts, garage parking, on sight property management, and 24 hour security. 1800 Atlantic is close to the Key West International Airport, Smathers Beach, and three shopping centers. It is quick jot down to Duval Street and all the craziness.

Smathers Beach is located about 60 seconds west of 1800 Atlantic. CLICK HERE, CLICK HERE, and CLICK HERE to see why it is so popular. At Smathers you and your friends can play volleyball, participate in all kinds of water sports, or just work on that killer tan.

CLICK HERE to checkout the two (only two remain) SHORT SALE units. However, there are 12 other units still available. CLICK HERE to view the remaining 12units. It is really important to read the listing Realtors comments. Many of these units have TRANSIENT RENTAL LICENSES which means you can rent the unit on a daily basis, everyday, for 365 days per year. Some units may be rented as VACATION RENTALS which is different. The City of Key West allows owners to rent a unit one time per month for up to days to one vacationer. The renter can stay one day, one week, or all month. But the unit can only be rented one time during that month. So having a Transient Rental License might make your rental of a unit more profitable than having a unit that only permits use as a vacation rental.

There are three other important factors to note. Each factor may influence pricing and value. (1) Location. Look at the aerial photo again. Note that the road to and from the airport (Bertha Street a/k/a South Roosevelt Blvd.) runs adjacent to Building "C". Most units that front Bertha Street are priced a little less expensively than other locations. Units that have the best views are usually priced higher. Units on the top floor have vaulted ceilings so they may seem larger. (2) Remodeled. Some units are "virgin" and look the same today as when they were built over 20 years ago. Others have been remodeled. Some have been tastefully redone. And some less so. (3) Transient License. The existence of a Transient License does not in itself me you will make money right away. Some units have dormant licenses that the owners maintain to preserve the license, but have not used. If you want to make money, you need to consider buying a unit that has a rental history. Please note that most units are 1357 sq feet in size. However, a few units are larger. So compare size, because size matters in real estate just as it does in real life.

Only two units have actually sold and closed at 1800 Atlantic as of today. CLICK HERE to see those units. But there are three units under contract right now. The number of available units is pretty large. There may be some sellers getting a little anxious to sell what with the dog days of summer and potential storms heading this way.

If you are thinking of buying a second home in Key West and want to have it help pay for itself, please consider using me, Gary Thomas, to be your Realtor. I am a full time Realtor at Preferred Properties in Key West. You can reach me at 305-766-2642 or by e-mail at kw1101v@aol.com.

June 2009 - Key West - Real Estate Sales

A little over a year ago there were just about 1000 active real estate listings in Key West. The number of active listings reflected an over-supply of available properties. Few new properties have been built during the past year. Month by month the number of active listings has been trimmed due to sales of existing properties. There are now 833.

Key West had 23 single family homes sales in June 2009. CLICK HERE to see all the houses that sold in June. Three of those sales were listed as "short sales" and seven were bank owned properties. There is such a disparity among the properties that price per square foot is meaningless.

If you carve out the four large home sales CLICK HERE in Old Town and Casa Marina areas the average price per square foot was $628. These houses are the kinds of properties many dream of owning and few can afford. The buyers got great deals on these properties. In a couple of years people will be saying "I wish I would have bought that place when it only cost $$$$."

There were five smaller home sales in Old Town: 1209 Olivia Street, 1214 Knowles Lane, 405 Frances Street, 822 Eaton, and 1018 Thompson Street. Three of those sales were short sales. When you take the time to scour the active single family home listings for Old Town and the Casa Marina areas you begin to notice one thing: there are not a lot of listings anymore. They supply is shrinking.

Thee were 22 condominium and town home sales in June. Seven of those sales were short sales and another seven were for bank owned properties. The units sold at an average price of $298 per sq ft. The most expensive unit that sold was a corner unit at Harbour Place. It had a real water view and it sold for $670 per sq ft. I wrote about 809 Washington Street when our office had it listed as a short sale. This unit sold for $775,000 or $413 per sq ft. There are other units still for sale in this new complex priced well over one million dollars. The buyer got a real deal. Three units sold at the Key West Golf Club with the least expensive going for just $217 per sq ft. The over supply of Golf Course properties is "over".

If you have been waiting for the market to hit bottom before you make an offer to purchase your dream home in Key West, reconsider your strategy. I can't say for sure that we have hit bottom. But if you look at the few properties actually for sale in Old Town or the Casa Marina area you will see one thing: there are few houses on the market. The properties that are available are either total fixers, fairly expensive, or really expensive.

CLICK HERE to search the real Key West Association of Realtors mls website. Your search will not be tracked and you will not be contacted by anyone. If you see something that interests you, please consider working with me, Gary Thomas. I am a full time Realtor at Preferred Properties Coastal Realty Inc. Give me a call at 305-766-2642 or e-mail me at kw1101v@aol.com.