Open House - Sunday - The Meadows of Key West

Dominique Barrera and I will be hosting an Open House on Sunday, September 6th between 1:00 to 3:00 P.M. at The Meadows of Key West. Two of the units will be open for you to preview 1502 Petronia Street and 1506 Petronia Street int the quiet area of The Meadows.

CLICK HERE for more detailed listing information on 1502 Petronia Street which is offered at $975,000. This property is the incredibly beautiful and stylish two bedroom mini-mansion. The main level has 14' vaulted ceilings with extra large crown moldings and baseboards. The bright & airy first floor features a sumptuous gourmet kitchen with beautiful granite counter tops, high-end stainless steel appliances, an abundance of storage in solid wood cabinets, and an adjacent wet bar in the dining area. The two bedrooms are en suite and offer luxurious baths including a stunning master bath with basket weave tile floors. The closets have built-ins and automatic lighting. There is a private second floor front porch located just off the master bedroom. It is the perfect place to watch the world go by on extra-slow speed on a quiet street in Key West. Hurricane rated doors lead to the stone tiled patio and private pool and spa. The professional landscaping provides a lush tropical backdrop to this fantastic property.

And CLICK HERE for more detailed listing information on 1506 Petronia Street. This home has three bedrooms and three and one-half baths. This home has the same features as the two bedroom model but the room sizes and room configuration on both floors is a bit different. But it has the same quality fixtures and finishes and that oh so wonderful second floor front porch off the master bedroom. The three bedroom homes are offered at $925,000.

Preferred Properties is the listing broker for The Meadows. CLICK HERE to see our website devoted just to this property. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to discuss this property, or better yet, make an offer to purchase.

August 2009 Real Estate Sales Report - Key West

It ain't over till the fat lady sings. But she's heading for the mike.

There were 18 single family home sales in Key West during the month of August. Sales prices ranged from $280,000 for a 1240 sq. ft ranch on Harris Street in Mid Town to $1,795,000 for a 3600 sq.ft. waterfront property on Shark Key (sold by Preferred Properties). I eliminated all non Old Town, Meadows, and Casa Marina area sales to determine an average sales price or $421 per sq ft. That number, however, is misleading because of the disparity among the sold homes. Two of the sales were short sales and one (1119 Von Phister St.) was a bank foreclosure. (Congrats to Walt & Mitzi.) By comparison there were 11 single family home sales in 2008 at an average price of $512 per sq. ft. Two of those sales were short sales and, again, one was bank owned. The price per sq ft was skewed a bit because one of those sales included the Thompson Estate that sold for $3,312,500 or $912 per sq. ft. And in 2007 there were 16 single family homes sales (two bank owned properties that I know of) that sold for an average price of $545 per sq. ft.

Key West had 17 condo and town home sales in August 2009. Three were identified as short sales and five were bank owned. The average unit sold at $258 per sq ft. By comparison there were 8 condo and town home sales in 2008 with an average price of $425 per sq ft. (Sad to report one of those has become a new short sale in 2009!) In 2007 there were 4 sales at an average price of $589 per sq. ft. (other than several sold by the developer of the Beachside Resort that sold way over $1 million each).

There have been 46 new single family home listings that have gone under contract that are now shown as contingent or pending in since August first. Twenty of those listings are short sales and six are bank owned properties. That sounds discouraging, I know. But five of those contingent or pending sales are for properties priced at over $1 million with an average asking price of $715 per sq. ft.

Interestingly there are 36 condos and town homes shown as contingent or pending since August first. Twenty-four of those are shown as short sales and two as bank owned. One of the number is a market priced uber-expensive unit at Key West Beach Club. (That is important. Maybe, just maybe, the Beach Club will bounce back now. One bad sale can drive prices down. One really good sale can drive sales back up. Here is hoping!)

There has been a flurry of sales activity during the past month. If you have been sitting on the sidelines waiting for the fat lady to announce the end of the down market, get up off your backside.

If you are a potential buyer and have not picked your property or better yet your Realtor, CLICK HERE to search the real Key West Association of Realtors mls website. If you see something you like, please contact me, Gary Thomas, 305-766-2642 or kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in beautiful Key West Florida.

622 William Street - Old Town - Key West - Short Sale

Here is a great property to keep your eyes on. 622 William Street is located on one of the very best blocks in all of Old Town Key West. And it is now a short sale. I think it is aggressively priced to sell at $750,000 or $538 per sq ft. CLICK HERE to read the mls listing data and view photos of the interior and that pool!

The listing Realtor describes the listing this way:

"This Charming Property Was Lovingly Restored A Number Of Years Ago To Include The Historic Conch Home And Two Pool Houses. The Main Home Has Natural Dade County Pine Walls And Ceilings And Tile Or Wood Floors Throughout With A Master Bedroom Upstairs."

I showed this home about six weeks ago. The interior walls and ceilings are natural and unpainted Dade County Pine. The home has a rich and warm old feeling about it. It has not been all gentrified and slicked up. The kitchen is at the rear and overlooks that wonderful pool in the foreground and the two separate cottages at the rear. Some buyer that just insists on putting in a new kitchen could do it here, but the existing kitchen works just fine.

(I had an inspection on another house on Friday. The certified home inspector commented that the kitchen was old. It is the same age at 622 William Street. Even inspectors are getting critical of this 15 or 16 years old. Perhaps it is time for a new City of Key West Commission whose sole purpose would be to save kitchens!)

To me dealing with the interior of 622 William Street is a no brainer. A new buyer could gut and paint and whatever else he or she or the decorator decides. It is the rear area with the pool and two cottages that make this Old Town home such a buying opportunity. The photos in the mls listing CLICK HERE show the pool area and cottages from several angles. We Key Westers spend so much of our lives outside. This space is just wonderful as is, but a new owner could just as easily go native and do a total renovation on this outdoor space.

There is a spiral stairway between the cottages at the rear that leads to the tree house type sundeck. What a great feature. This is what buyers want. Something so damned precious and unique. And what a place to get an all-over tan.

622 William Street is a short sale. It is in my opinion a buying opportunity. You cannot beat the location. Jerry Herman of Hello Dolly fame redid the house next door CLICK HERE to the south several years ago. And the late Shel Silverstein lived next door CLICK HERE to the north. This particular block has some of the finest homes in Key West. There is a mix of large conch homes and smaller cottages with a mix of medium sized homes added.622 William Street is one block from the top of Solares Hill. The location is close to the Historic Key West Seaport and all of the attractions of Duval Street, but it is far enough away not to be part of the hoopla. This is a real residential neighborhood--accept for the little corner grocery store at the end of the street. That means you are never too far from a con leche, a gallon of milk, or a loaf of bread.

Some lucky person is going to own this great property. If you are looking for a special place in Old Town Key West you owe it to yourself to see 622 William Street. Please call me, Gary Thomas, 305-766-2642 to set up a showing for you.

"What door's will open for you?"

I host my pics for this blog on FLICKR. Sometimes I go there to borrow pics of Key West that help showcase this beautiful island I call home. A couple of days ago I saw a really sweet pic of a typical Key West home with a caption that read "What door's will open for you?" And then underneath the photographer added "I'll dream that one day a house in Key West has a door for me!" CLICK HERE to see her little dream home.

When buyers call me (they do) and when buyers send me an e-mail (they do), I ask them to tell me what their dream home would be. Most buyers want about the same thing: a nice house in a good location with a pool or room for a pool and a white picket fence. Almost all buyers want off street parking. Some are willing to buy a house that may require some work. And just about every last single solitary buyer wants a deal.

The price per square foot for a home in Key West is much higher than most locations on the east coast and mid west, the areas that most prospective buyers live. So once buyers get over the sticker shock they can start the search for their dream home. If they are like me, they fell in love with Key West on the second day of their first visit to Key West. They walked the streets lined with flowering trees and palms, beautiful old homes, beater cars (that was from another time - not many of them left), cats resting on front porches, mother hens escorting the little ones across streets, dogs riding piggy back on bikes, and trains winding their way down residential streets. What a place!

712 Southard Street is a listing of Preferred Properties (that's where I work but it is not my listing). The house was extensively remodeled a couple of years ago so everything is in very good condition in my opinion. There are shelves in the living room that display bottles and other discovered treasures that the current owners found buried under the house while doing their extensive renovation. I have hosted a few Open Houses at the property. The Lookie Lous loved it.

The listing Realtor describes this dream cottage this way:

"Location!Location!Location! Just two blocks from Duval Street, sits this beautifully appointed shotgun on the best block in Key West. Two nice size bedrooms and bathrooms, great new kitchen with cathedral ceiling that opens to the glass tiled kidney shaped heated pool surrounded by tropical landscaping."

The two bedrooms at 712 Southard Street are located in the front of the house. The living room is next and the kitchen CLICK HERE (a sawtooth addition with vaulted ceiling) is at the rear. The kitchen door CLICK HERE opens onto the large deck and very good sized pool. The pool area is beautiful and very serene. The pool gets plenty of sunshine (a lot of pools do not), and the neighbors cannot see the pool. So what happens in the pool area stays in the pool area. CLICK HERE to see the details on this home and view more photos.

Monroe County tax records show the house is 1026 sq ft that sits on a 2259 sq ft lot. The house is located just two blocks from Duval Street. There is no off street parking, but most of the other properties in the area are single family homes. There is no commercial business nearby. So finding a parking space is not that difficult.

712 Southard Street was originally listed at $1,200,000. It is now priced at $829,000 or $808 per sq ft. It really does have the primary things most buyers want: nice house, good location, pool, and that white picket fence. The house does not require any repairs. Everything inside and outside is pretty much new. The furnishings might also be available. Maybe all you will need to bring to Key West is your tooth brush and Coppertone. Bathing suit is optional.

If you would like to see 712 Southard Street and perhaps fulfill your dream of owning a home in Paradise, please call me, Gary Thomas, at 305-766-2642, to schedule a visit. You are gonna like this place!

CLICK HERE to search the real Key West Association of Realtors website to see all current homes and condos listed for sale. If you see something you like, please think about working with me. I am a full time Realtor at Preferred Properties Coast Realty in Key West. Some Realtors have other (real) jobs. My real job is selling real estate.

"What door's will open for you?"

Good things happen to people who buy from me. FOLLOW ME on TWITTER to see what happened to Chris & Jim.

Bank Owned in Key West - My Thoughts

I'll probably get yelled at for writing this, but I don't care. I'm as mad as hell and I'm not going to take this anymore!

Well, maybe that is a bit of an overstatement. I do want to share my thoughts about local banks in Key West and how they are selling bank foreclosures. I'm not singling any one locally owned bank (local as to South Florida) because they all do pretty much the same thing.

Banks sponsor different events in the community to build up good will. Both lenders and operational employees in banks are members in all kinds of service groups and organizations. They make donations of time and money to put a good face forward in the Key West community.

Banks sponsor events for Realtors in Key West such as monthly Realtor luncheons, educational seminars, Realtor caravans, Chamber of Commerce and the Key West (gay) Business Guild functions, etc.

Banks and bankers everywhere do the same thing. They do it to court business and to make money.

Banks woo Realtors to bring customers to their bank so that bank can make new loans. I encourage my buyers to work with Key West lenders to get a loan. Local bankers know the Realtors, appraisers, attorneys and/or title insurance companies, insurance agents, surveyors, and home inspectors. Local lenders may know some of the history (Key West drama)that goes with the property or contractors that may have worked on the property. That knowledge can be a good thing or a bad thing depending on who the contractors were or what kind of event may have occurred at the property. A local lender can very often speed things up and make things happen a lot more efficiently than some mortgage broker sitting behind a computer screen far away.

I appreciate the ability to call a local lender on the phone or to walk a potential borrower into the bank to discuss financing availability. That access can often make a deal occur that might not be possible with an out of area lender. The Key West real estate market (especially Old Town properties) is truly unique, and local lenders are essential to getting many deals done.

The symbiotic relationship between Realtors and bankers is essential in making real estate transactions work smoothly.

Yet, when Key West banks foreclose on mortgages and become the reluctant owners of houses or commercial properties that could not get sold, many banks try to sell the foreclosed "assets" on their own. Most local banks have Special Assets departments that market the distressed properties.

Some banks do not set an asking price. Instead they solicit offers. The banks want buyers to make the first move. Banks usually will not make a counter-offer. Rather, banks will request the buyer to make a "best and final" offer.

Some banks have bank owned foreclosures listed on their website. Banks may even offer "bank financing". One local bank offers "95% Financing Available" on its website. I recently discussed a bank owned property with a bank officer. I specifically asked about the 95% financing and was told something to the effect that the offer of 95% financing did not apply to "that" particular property. I then asked what amount of a loan the bank would finance and what the interest rate would be. I was told the amount, rate, and terms are negotiable. The bank officer would not disclose the "asking price". I was told my buyer shuuld just make an offer.

Banks are required to comply with the TRUTH IN LENDING laws enacted by Congress. Just because a bank is a seller does not give the bank an excuse for not obeying the law. Disclosure is required and failure to disclose is a violation of the law. Advertising an interest rate that is not available is actionable in my opinion.

I used to manage the special assets department for a big bank in Denver. Part of my job involved the sale of bank owned properties. But my primary job was to minimize bank loss through doing loan workouts and managing bank litigation. I had to use the bank's money to avoid losing more money. I had to use my time efficiently and allocate the bank's resources wisely.

I was never known for giving anything away in litigation or in selling bank owned properties. But I knew this much: the bank's good name is at stake in every deal I made and in every action I took. You do not litigate to teach borrowers lessons. You do not foreclose on real estate to create an empire or preserve your job. You foreclose when other solutions are not available. Then you go after the bad guys.

Banks are required to have a current appraisal on file that supports the book value of each bank owned asset acquired through foreclosure. (A six month old appraisal in Key West is outdated.) Banks should market foreclosures at book value and not play games with the public. Banks should market bank owned assets by listing properties with local and knowledgeable Realtors rather than "in house". Marketing properties widely and openly avoids the appearance of impropriety. Banks should not give preferential deals or treatment on the sale of bank owned properties to insiders or customers of the banks. Instead, banks should to do everything possible to keep the bank's name and reputation above reproach in the sale of bank owned assets. I am not suggesting that any local bank is doing anything like that. I am saying that banks ought to do the right thing and not take actions that are self-serving.

Local banks in every town across the country have boards of directors that supervise the governance of local banks. Just as Wall Street investment bankers came under fire for big bonuses, local bank directors should insist that their particular bank should dispose of bank owned proprieties openly and honestly. They should insist that bank assets be listed with local Realtors and that asking prices and financing packages are clear and unambiguous.

The Road to Recovery

I've mentioned many times that I grew up in one of Denver's suburbs in the 1950's. Life was much slower way back then. I don't have any access to old family photos of driving through the Colorado Rockies in the 1950's. The photo of the antique car isn't back in the 1950's. But it is illustrative of what our lives would be like if Interstate 70 had not been built.

During the summers of my youth my parents and I would drive up to the mountains to go fishing. We would either go over Berthoud Pass toward Grand Lake, Loveland Pass toward what is now Vail (Vail did not even exist then), or over Monarch Pass toward Gunnison. There were no interstate highways. There were very few four lane roads for that matter. There wasn't any need for four lanes because travel over the Rockies took so long, especially on a cold and snowy day. There was some skiing atop each of the passes mentioned and in small towns like Aspen (back then Aspen was just a small town without any big ambitions). So there was no compelling reason to get anywhere very quickly.

The interstate highway started to get built in Denver in the 1950's. But it would take more than four decades to complete the Interstate 25 and Interstate 70 and the loops that encircled Denver and the suburbs. But the major marvel was the construction of Interstate 70 through the Colorado Rockies. And I specifically refer to the construction of the Eisenhower Tunnel and later the elevated roadway through the Glenwood Canyon, one of Nature's Wonders.

When I was a kid and cars regularly overheated trying to cross the great Colorado passes, it would take hours and hours to get from Denver to any place on the other side (western side) of the Continental Divide. And like I said, there wasn't any particular place to go back then because we didn't have ski resorts and condominiums and golf courses in the mountains. Oops! Maybe the interstate highway wasn't' such a good thing after all.

What once took so much time now takes very little. The drive between Denver and the western slope now takes a little about three hours. And the life and vitality of the Colorado economy owes so much to that divided highway.

When I was going to law school in the early 1970's the construction of the Eisenhower Tunnel was in full bore so to speak. That construction project was massive and it created jobs throughout the Denver area and on the western slope as well. Two crews worked simultaneously to bore the holes that would one day unite the state like never before and that would make travel so easy. Nobody in the 1950's could have imagined owning a condo in Vail Colorado where they could ski in the winter and play golf in the summer. But that is just what happened. Little towns like Breckenridge, Silverthorne, and even Aspen experienced tremendous growth in terms of size and property appreciation. And I can tell you that the growth has been sustained over the past thirty years.

I am not afraid of public works projects to help jump start our failing economy. The TVA changed much of the South after the Depression. The Eisenhower Tunnel helped keep Denver from utter ruin during the Recession of the mid 1970's. Perhaps the Economic Stimulus Package that is working its way through Congress will create a project or two that can have as dramatic an effect on our economy and way of life. We won't know if the package gets derailed and money is spent instead on tax rebates.

I am not afraid of government spending to help create jobs. Jobs keep real people working. The dollars get passed around and around and around. When people work, they spend money. And when they spend money, that creates more opportunities for everyone.

You may or may not agree with me that money spent on public works may help pave the road to recovery for our country. If you do or if you don't, you can let your Senator or Congressman know your feelings just by sending a email. CLICK HERE to access the contact links for the US Senate. And CLICK HERE to contact your Representative. We are all in this mess together. Make your voice known no matter what you think.

The Meadows of Key West -- This is a Real Deal!

The sky may be falling. The stock market may be plunging. The real estate market may be unstable. But there will always be a Key West.

The Meadows of Key West is located in the 1500 blocks of Petronia and Pine Streets between Eisenhower Drive to the east and Pearl Street on the west. There are eight luxurious new single family residences woven seamlessly into the fabric of the historic neighborhood known by the same name. CLICK HERE to view MAP.

The homes have about 2,000 square feet of living space with stunning interiors by Pascal Delisse. There are two and three bedroom models to choose from. Each home features hardwood and travertine floors, a luxurious master suite; gourmet kitchens with granite counters and gas ranges. Each home has a private pool, spa, patio, main level and second floor front porches, and a covered carport. Scott Montgomery designed the indigenous landscapes. Each new home looks like it has been a part of the area for many a year because everything blends together with the other homes in the area.

CLICK HERE to view the information an photos of the house at 1509 Pine Street listed at $999,000--that is just $629 per sq ft for this 1629 sq ft, 3 bedroom 4 bath home. There are only four of the three bedroom homes available.

There are four two bedroom homes that sit on the corners of both blocks. Each two bedroom home has a turret which is a focal point in the grand kitchen on the first level and a cozy nook in the second floor master suite. There are vaulted ceilings, grand spaces, huge closets, elegant baths. The two bedroom homes are simply "OVER THE TOP!". The second bedroom is far removed from the master suite so the owner will have total privacy. The second bedroom is equal to the master suite in just about any other Key West residence. It is just that nice.

CLICK HERE to see more information and photos of the two bedroom home located at 1502 Petronia Street (corner of Pearl Street). This 1932 sq ft home is priced at $1,050,000 or $549 per sq ft.

These eight homes belong to a community association which is responsible for the maintains the common rear drive, fencing, exterior home maintenance, swimming pool, and all landscaping. The Meadows offers the best of all worlds: the privacy and spaciousness of a single family home within the managed structure of condominium ownership.

If you doubt my high regard on the price, location, and amenities offered, please do your own personal search of the Key West mls. CLICK HERE and set your search parameters between $950,000 to $1,075,000 and see what you come up with. The Meadows of Key West were originally priced between $1,695,00 t0 $1,999,000. The new lower asking price is a real deal.

CLICK HERE to view a series of exterior and interior photos of the properties.

If you would like to see these properties, please call me Gary Thomas, 305-766-2642, and let me help you take a look at a real deal. This is a buyer's opportunity.

Florida Homestead Law Myth-Understood

Yesterday afternoon I was perusing the Monroe County Clerk's website checking to see how many more properties had Lis Pendens filed since July 22nd. One choice address popped up and I did decided to look further. A Lis Pendens is a legal document filed by a party claiming a potential interest in real property. The Lis Pendens is notice to the world that the party who filed the notice claims an interest in the property that is adverse to the owner of the property.

In Florida a Lis Pendens is a pre-requisite to the commencement of foreclosure on a mortgage, foreclosure of a mechanic's or materialman's lien, or the foreclosure of a lien created by operation of law such as a judgment.

When I saw that particular Lis Pendens and the address of the property I immediately looked to see if the property was currently listed for sale. Sure enough it was. But I was surprised to see that the asking price is considerably high for this present market. The price is high compared to the amount of loans against the property. I thought that perhaps the listing agent was attempting to do a short sale without advertising the fact to the world.

I called the listing agent. The agent was totally surprised by the information that a Lis Pendens had been filed. The agent queried if I had identified the correct property since the owner owns other properties in the area. I answered that I had checked the legal description. I asked if the property was a short sale. I was told the opposite: that the owner has been discussing raising the asking price. I was dumbfounded. I told the listing agent that the Lis Pendens is the first step to the commencement of foreclosure.

The listing agent told me that the property was homesteaded and that the lender could not foreclose. The agent said the owner had already talked to bankruptcy counsel. The homesteaded property is not safe from foreclosure. End of story. Maybe the listing agent thought I was trying to interfere. I wasn't.

I am not a Florida attorney so do not deem what I write as advice from a lawyer. If you or someone you know is facing foreclosure and your property is homesteaded, consult a licensed Florida attorney to explain how Florida's Homestead exemption applies to you. Don't ask a Realtor. The Realtor may be wrong.

The Florida State Constitution "protects a person’s homestead residence from forced sale under process of any court. That section clearly states that no judgment or execution shall become a lien on homestead property." There are specific rules which must be complied with to attain the protection of the homestead exemption. CLICK HERE to read a brief and clear explanation of Florida's homestead law as reported by Jonathan B. Alper, P.L.C.

ARTICLE X, Section 4 of the Florida Constitution states: "SECTION 4. Homestead; exemptions.--
(a) There shall be exempt from forced sale under process of any court, and no judgment, decree or execution shall be a lien thereon, except for the payment of taxes and assessments thereon, obligations contracted for the purchase, improvement or repair thereof, or obligations contracted for house, field or other labor performed on the realty, the following property owned by a natural person The homestead exemption does not protect homeowners who failed to make mortgage payments on principal residences even if the owner filed a homestead exemption..."

The bold print above preserves the right of a lender to foreclose its mortgage against a defaulting borrower, even one who homesteaded his property.

The family home is the largest asset for most people. Don't make a foolish mistake and make decisions based on what you think the law is or what someone told you or what you read on the internet or in a self-help book.

My advice: see a lawyer when you have a legal problem. See a Realtor when you want to sell a house. Don't confuse the two.

Mid-Life Crisis -- Short Sales in Key West

I don't think I am overstating anything when I say we are having a crisis of "short sales" with so many homes listed for sale in Key West. Many, many of the homes and condos are short sales. And some of the really cherry deals are offered not in Old Town, but in the Mid Town and New Town areas.

Most of the homes built in Mid Town and New Town were constructed in the 1960s and 1970s. They are typically ranch homes constructed of stucco over CBS (concrete block structures). The neighborhoods are family neighborhoods like you would find in most suburbs across the country built during the same time. Some of the homes are even located on canals that connect directly into the Atlantic Ocean.

CLICK HERE to checkout seven homes with three bedrooms and two baths priced under $540,000 that are listed as either short sales or bank owned foreclosures. Many of these properties were purchased between 2003 and later at prices significantly higher than the current asking price. And probably every house flooded during Hurricane Wilma. That was an aberration because these areas had not previously flooded during any hurricane. But they did flood. If you buy such a property you must inspect it and accept it in its present condition. Neither the seller nor the lender that releases the existing mortgage will give any warranty but will specifically disclaim any future liability with respect to the purchase of the property. These homes are "as is, where is" sales. That does not mean the houses are dangerous. It means you better know what you are doing before you do it.

And just like in regular real estate sales the buyer can offer as much or as little on a short sale or bank foreclosure as he or she wants. It is best to make an offer that is not contingent on obtaining financing or selling another property. Keep your offer as clean as possible. The asset managers at the banks have a narrow focus so it is best to keep it simple.

The photos to the left are of some of the homes on THIS LINK. Take your time and check them out. There may be a Key West home in your future, expect instead of being that charming little cottage on a secret Key West lane it may be a 1970s ranch on a cul de sac or located with a canal for a backyard.

If you see something you like please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Let somebody else's crisis be your windfall.

Classic Key West Cottage -- Short Sale

The Classic Key West Cottage located at 926 Southard Street was justed reduced in price to $535,000 and may now become a Short Sale. A Short Sale occurs when the contract price agreed upon between the buyer and seller is less than the amount owed to a lender, and the lender agrees to accept a discounted payoff upon receipt of less money than is actually owed. The one bedroom one bath cottage is located next door to the famous Five Brothers Grocery and Sandwich Shop in the heart of Old Town. This is a killer location folks.

The cottage is small, but it has just about everything else many second home owners require. This cute one bedroom, one bath eyebrow has been updated with new kitchen, beautiful wood floors, and a tiled bath. Step out into the surprisingly large rear yard with new pool and lots of privacy. A loft above the living room has plenty of extra storage capacity. Great monthly vacation rental history and future bookings available. This property does not have a transient rental license. But you can legally rent this cottage as a vacation rental once a month.

I normally comment about houses being priced too high on a per square foot basis. I'm waffling on this cottage because I see it as a value because of it's utter charm, location, and suitability as a monthly vacation rental. Now the universe of renters for a cottage like this is less than people who have friends or relatives. This is a house for two. Maybe you could have one friend sleep on the sofa or climb up to the loft. I'm kidding of course. But having just one bedroom has limitations. But as long as you are willing to let your cheap friends and relatives sleep on your sofa, it is not a problem. In return you get a cute place that is close to everything.

CLICK HERE for more pics and info. If I were looking to buy a second home in Key West I would compare the benefits of 926 Southard to owning a 680 square foot two bedroom one bath condo at Shipyard for the same price. The cottage has one bedroom. The condo has two. The cottage is a single family residence and the condo is not. The cottage is a classic eyebrow and while the condo development is very attractive, it fails in comparison to the cottage. The cottage has its own private pool, and the condo's pool is shared with hordes of tourists. Do you see where I'm going?

This property was originally listed at $686,000 and now is offered at $535,000 on a Short Sale basis. Give me, Gary Thomas, a phone call at 305-766-2642 to schedule a private showing of this cottage. The place has its limitations, but it has a lot of value in its utter charm.