 |
| Bob Newhart and the Gang |
I have written a couple of blogs about the issues involved in purchasing a guest house in Key West. While the lure of running such an establishment entices many would be Bob Newhart innkeepers, reality soon sets in when prospective buyers find out how expensive guest houses are to purchase and how difficult it can sometimes be to obtain bank financing. I won't belabor that discussion today because I have some very good news to report on a couple of recent sales and two upcoming sales.
 |
| Coconut Grove and Oasis Guest Houses |
 |
| Oasis Resort |
On Thursday November 15, 2012 the
Oasis and
Coconut Grove guest houses were
sold for
$7,200,000 or $200,000 per room for the 36 room guest house complex. (The units sold at 91.14% of asking price of $7,900,000.)
 |
| Coral Tree Inn |
The same Seller/Owner of Oasis put
Coral Tree Inn located across the street at 822 Fleming under contract on November 1, 2012. The asking price on that property is $2,450,000 for this eleven unit guest house.
 |
| Pilot House Guest House |
On November 7th the
Pilot House guest house and two nearby commercial buildings on Eaton Street also went under contract. The asking price on those properties is $ 7,600,000. The other buildings are currently used as any type of residential rental.
 |
| Seascape Tropical Inn |
Finally, the
Seascape Tropical Inn Guest House was also sold on November 15th. The asking price on Seascape was $2,450,000. It sold for $2,000,000 or
$285,714 per room for this seven unit guesthouse.
I am very excited about the recent sales that just concluded and the pending sales of the Coral Tree Inn and the Pilot House and associated properties. The Pilot House sale will be a
very big deal in Key West. It will revitalize the area.
There are still a couple of guest houses available for purchase in Key West. I used to own and operate a guest house in Key West and think I have a lot to offer a prospective buyer who wants to take the plunge and own this type of business in our little town. If you are thinking about such an endeavor please contact me,
Gary Thomas,
305-766-2642 or send me an email at
kw1101v@aol.com. I am a buyers agent and a full time Realtor at
Preferred Properties Coastal Realty, Inc. Let me help you find your place in Paradise.
