Buy Curious?

Do images of empowered women with big fish caught in Key West in the 1930's turn you on?

Do you get excited thinking about wrestling a 70 lb grouper into your boat?

Admit it to yourself: you are buy curious. You search the Key West mls and view websites like Trulia and Zillow looking for buying opportunities in Key West. You are reading my blog right now in hopes of finding your place in Paradise.

The biggest mistake I ever made in Key West real estate was not what I bought or what I did not buy. It was in taking too long to walk away from my life up north. I had thousands of excuses - mostly in the money I had tied up in real estate where I lived. I let that "investment" control my life for too many years. After I got loose from my albatross and had the cash, I took advantage of a buying opportunity that forced me to act quickly and decisively. I don't regret moving here for a minute.

I know a lot of readers spend a lot of company time checking out the mls on a daily if not hourly basis. When I am not showing properties I am normally online and make regular checks to see what just got listed or what property had a price reduction. I get phone calls and emails from some of you asking or commenting about changes in the mls. Some are so quick that I know the inquiring mind is spending company time looking at the mls. I guess that is better than getting tweets from your favorite congressman.
If you are Buy Curious CLICK HERE to search the Key West Association of Realtors mls database. If you see something that you like and are looking for a Realtor, please contact me, Gary Thomas, 305-766-2642 or send me an email at kw1101v@aol.com. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

906 Johnson Street - Casa Marina Estate Property - Now a Short Sale

One of my very favorite homes in Key West just became a short sale. Some buyer is going to own one of the very best houses in all of Key West for a fraction of what it is worth. They don't make houses like this anymore. And you could not duplicate this house if you were to try to build a new one. The cost would be prohibitive.

906 Johnson Street is a 3720 sq ft estate type property situated on a 10,750 sq ft lot located one block from the Atlantic Ocean. You can see the Atlantic Ocean from the master bedroom and master bath on the second floor. The main house has a formal living room with fireplace and an informal family room overlooking the rear terrace. The west wing provides living quarters for staff. There is a separate dining area that overlooks the large pool and outdoor kitchen on the east side of the property. The master bedrooms and master bath have ocean views. These two rooms are just elegant without being prissy. There are two additional bedrooms on this floor-one even has a terrace overlooking the pool below. There is a fully contained guest cottage with living room, bedroom, small kitchen, and bath. Off to the far west you will find another casita or writer's cottage with its own bath.

CLICK HERE for more detailed information and to view photos of this property.

Entry to 906 Johnson Street is made through a formal gated entrance. Brick pavers encircle the entire property as do gardens filled with towering palms and assorted tropical plants. This place is a gardener's paradise.

Preferred Properties is the listing broker on 906 Johnson Street which is now listed at the short sale offering price of $1,769,000 or $476 per square foot. This is truly a great buying opportunity for a discerning buyer. Please call me, Gary Thomas, 305-766-2642 to schedule a showing.

Open House(s) Sunday - Key West

Attention Bargain Hunters: Preferred Properties Coastal Realty Inc. is holding another Big Open House Event on Sunday, March 8th between 1:00 PM to 3:00 PM. CLICK each of the addresses below to preview the homes you may want to visit.

1334 Atlantic Boulevard which is a specactular Ocean-front residence with its own pool. Offered at $2,495,000.

1015 Eaton Street in Old Town is charming Eyebrow house with 4 bedroom 3 bath home with a fireplace, new kitchen and baths, & private pool and spa. Unlike a lot of Eyebrow houses, this one has "real" bedrooms. They are large and have lots of headroom. This place is Done! Done! Done! This is a SHORT SALE Offered at $995,000.

807 Washington Street is a newly constructed three story town home featuring 3 bedrooms 3.5 baths, heated pool, & parking. All of this and located in the Casa Marina area but within walking distance to Duval and the beaches. Offered at $1,800,000.

1404 South Street in the Casa Marina area is offerd at $995,000. There are two master suites, a beautiful pool and tropical garden.

3509 Eagle Avenue is a spacious home on a large lot. The main house had 3 bedrooms 2 baths plus a guesthouse with one bedroom and one bath. Offered at $799,000.

I will be hosting the OPEN HOUSE at 1015 Eaton Street. Please stop by to say hello and keep me company. Actually, I'm expecting about 100 prospective buyers. There are lots of lookers in town.

If you are interested in buying a house, condo or town house in Key West and haven't found the right place at the right price, CLICK HERE to search the Key West MLS database. No Realtor will call or start sending you emails. It's your way to see what is available and at what price. Prices have dropped and sellers are being reasonable in their negotiations. If you see a property you like, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Who knows, you might end up owning a place in Paradise.

February Sales Report for Key West

I am no statistician and I am a firm believe that numbers lie and that liars use numbers. Season in Key West is half over. Season to me refers to the time tourists come here every year to enjoy our wonderful weather, to unwind and relax, to drink some booze and to eat at some of great restaurants. And, oh yeah, to dream about what it would be like to live in Key West. For Realtors, season means it is rime time to sell real estate.

These numbers are for sales that closed between February 1 through February 28, 2009. There were a total of 24 single family home sales in Key West during that time. CLICK HERE to see what sold. The Old Town area is the location most potential buyers care about, so here goes. There were 7 houses that sold during that time. One was a short sale; none were bank owned; and the average price per sq ft on the non-short sale properties was $657.87 per sq ft. If you add the short sale, the number is $599.58. That sale was a dump on Bahama Street just off Duval with about 20 people living in it. (Perhaps I exaggerate, but you wouldn't want them as your neighbors!) Nevertheless, somebody got a hell of a deal on that property.

There were no condo or townhomes located in the Old Town area (including Truman Annex) that sold during February.

During February there were just 11 townhome and condo sales for all of Key West (including Stock Island). Three of those sales were short sales and two were bank owned properties or 45%. One of the sales required (just a regular sale) required the buyer to pay the real estate commission.

As I have previously mentioned in my blog there is some confusion among Realtors about how to post the current market status of houses and condos that are short sales where the seller and buyer have an accepted contract but that has not yet been approved by the lender(s). So the number I am reporting for total number of units under contract that are classified either as "contingent" or "pending" may be an understatement. That being cautioned, there are 42 condos or townhomes in all of Key West shown as contingent or pending. There are 38 single family homes listed as contingent or pending. Twenty-five of the single family home sales (65%) are either short sale or bank owned properties.

There are 848 single family, condo or townhomes for sale in Key West and Stock Island.

You can make of those numbers what you want. Just about every Realtor I know is busy showing houses these days. There are lots of lookers and some buyers actually making deals. Prices are low (compared to previous years) and there are some absolute steals on some houses. I think a lot of sellers are keenly aware that season is half over and that if they are to sell their property, they need to make a deal in the next 45 days or so before the buyers head up north. That's why Joe Friday popped by to let you all in on The Facts. Steals and Deals.

If you want to take advantage of the current low prices in Key West real estate CLICK HERE to checkout the Key West MLS database (no realtor will hound you and you won't get any pop-ups either). If you see something that interests you, please give me, Gary Thomas, 305-766-2642 a call, or send me an e-mail kw1101v@aol.com. Let me help you find your place in Paradise.

Class Warfare - Key West

Class. As an adjective it means "of high quality, integrity, status, or style". I assume we all know class when we see it. I know that I usually prefer to spend more money to get a higher quality product rather than buying a cheaper product that may be of inferior quality,construction, or design. Objectivity gets skewed in favor of higher price. But then I try to find the highest quality product at the cheapest price and so that I can feel like I made money on the transaction.

I have written before about the great difficulty in comparing real estate in Key West based simply on price per square foot, yet I seem to mention that fact in almost every blog entry I write. Price is but one (very!) important element in evaluating real estate--especially in Key West. Other important elements are location, quality of construction, design, and livability. I am a firm believer that if you are looking to buy a house in Key West you must consider each of those elements. If the location sucks you better get the house for a really good price. If the house is in a good location and you can buy it cheaply, you may be able to remodel it and make it worth your while if you are willing to live through a couple of years of contractor hell.

A couple of months ago I wrote about the dramatic price reduction on the houses at The Meadows. Technically, the property is described as a condominium because each property shares in the common area maintenance, exterior building maintenance, building insurance, and pool maintenance. But each building is a free standing structure with one "party wall" which is only a second floor rear bedroom on either unit. Other than that, the properties are totally separate. The three bedroom units were reduced in price from a high of $1,795,000 and the two bedroom units were reduced from a high of $1,895,000.

CLICK HERE to checkout the single family houses, condos, and townhomes in Old Town and The Meadows area priced between $950,000 to $1,075,000. This price range is not entry level housing in most places in the U.S. but it is in the mid-range for second home buyers in Key West. I did not include houses south of Truman because I don't consider that area Old Town. And the fact is most second home buyers want to be in Old Town. (Many don't realize there are other very nice areas, but that's fodder for another blog.)

It is not appropriate for me to make negative comments about specific listings. But you can compare the prices, locations, architectural features and amenities between the properties and decide for yourself which properties appeal to your sense of class, style, value, or whatever.

I have shown about one half of the houses listed above. Some are listings of our office. If you are looking for an Class A property, I urge you to checkout the houses at 1509 Pine Street (CLICK HERE) & 1513 Pine Street (CLICK HERE) and 1502 Petronia Street (CLICK HERE) & 1506 Petronia Street (CLICK HERE)--The Meadows. I think these four houses kill the competition on quality of construction and amenities. I realize that some buyers will view the distance from Duval Street as a detriment. Well, that's why God created bikes, cabs, and feet. It's a 12 to 15 minute walk to Duval. If you plan on living your life on Duval, you should look for a place much closer.

But if you compare The Meadows houses to the nearby competition that is priced much higher, such as 719 Eisenhower (CLICK HERE) (across the street from 1506 Petronia) you will get an appreciation for the huge price difference. Granted Eishenhower is larger and has a boat slip, but it also costs and extra $1,350,000. Extra!!! Two other units cost more and one cost less. Also CLICK HERE to see the major Key West house directly across from 1502 and 1506 Petronia. It was listed for sale in 2008 for $4,975,000. Those houses would be your neighbors for sales comparison in years to come.

If you are in Key West or are coming soon and you are looking for a second home in the one million dollar price range, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to schedule a showing of not only the houses at The Meadows but also some of the similarly priced houses listed above. Let the Class Warfare begin.