Search This Blog

Showing posts with label preferred proerties key west. Show all posts
Showing posts with label preferred proerties key west. Show all posts

Friday, October 29, 2021

Banking Real Estate in Key West

 

I blogged about 1420 Whalton Street a couple of times over the past five years. It was a mid-century house located in one of the best locations in Key West. I showed the place to several people who hemmed and hawed. They had reservations. I told them to buy it, rent it, and bank the place. I said it would only go up in value. I was told that the guy that owns the house across the street bought it to prevent someone from building a monster house on the lot. He paid $1,182,747 or $277 per sq ft in March 2020. Then he took the house down, filled in the pool, and put up a fence to keep people out. 

I was in Colorado on September 20th of this year when the new owner listed this same lot for sale at $1,450,000. I planned to call the listing agent up to discuss blogging about the property. I thought the price was bonkers but our market has been bonkers. Two days later it went under contract. It closed on October 7, 2021 for $1,400,000 or $328 per sq ft. The owner/seller flipped an empty lot making a $217,253 "profit" in nineteen months. Of course the seller paid for the demolition expenses, realtor commission, and his share of closing costs. Still, he had a pretty good payday at the end. CLICK HERE to see MLS on this sale

Gary Thomas, Realtor, Preferred Properties Key West Florida


 

 

Disclaimer

The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.
Powered By Blogger

Counter



Free Counter

Key West

Key West
You could be here!

Blog Archive

Gary Thomas in a Nutshell