Shark Key - Bank Owned - Waterfront

Listen up! The very large waterfront (by Key West standards) home at 35 Sea Lore Lane on Shark Key (just up the road from Key West) just got a lot more affordable and a lot more interesting. This property is Bank Owned and the seller is serious about selling. This is how the listing Realtor describes this property:

"BANK OWNED One of a kind Shark Key residence on arguably the most picturesque setting in the community. Enjoy the only home nestled along the waterline of the turquoise swimming lagoon & sandy beach together w/ panoramic views of sunrise & sunset. Strategically situated to take advantage of H2O on 3 sides & privately located at end of culdesac on oversized lot. Elevated single level floor plan takes advantage of views & Gulf breeze through French doors to porches that grace each end of the home. Comfortable living w/ open spaces surrounded in windows, fabulous ceiling heights, convenient kitchen appointments & ensuite baths. Fabulous value for this extraordinary waterfront setting now being offered with a 30ft BOAT SLIP at SUNSET MARINA."

35 Sea Lore Lane was completed in 2009 so it has the latest home features that today's home buyers are looking for. The 3157 sq ft house sits on a huge 21,736 sq ft lot over looking Florida Bay to the east and the Shark Key swimming lagoon to the west. The two story home has four bedrooms and 4 1/2 bahts. CLICK HERE to read more detailed information and view photos of the interior and exterior.

For the uninitiated Shark Key is surrounded by water but it is not navigable. All of that water and no place to go. The bank owner is now offering to include a 30' boat slip at Sunset Marina (that's about a $140,000 value). That sweetens the deal quite a bit. 35 Sea Lore Lane is now offered at the reduced price of $1,699,000 or $538 per sq ft.

If you would like to see this bank owned property please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

Second Quarter Sale Report for Key West Real Estate

The second quarter of 2007 is over. How did the real estate market do in Key West this year as compared to 2005 and 2006?

I did a quick search of SOLD homes, condos, duplexes, and 3-4 units from Key West through Shark Key priced over $200,000 from March 1st thru June 30, 2007. There were a total of 109 such sales. The least expensive sale was a one bedroom condo listed and sold for $250,000. The average sale was a 3-bedroom home with 1457 sq ft listed for $920,702 and that sold for $845,707. The most expensive sale was a home listed for $4.675million that sold for $4.34 million.

In 2005 there were 189 sales during the same time period. The least expensive condo sold for $200,000. The average sale was a 3 bedroom, 1325 sq ft listed at $1,002,561 and sold for $954,714. The most expensive home was an Old Town home on Sunset Key that was listed for $7.4 million and sold for $6.950 million with only 105 days on the market

The year 2006 had a total of 124 sales during this period. The least expensive was a 215 square foot condo that sold for a whopping $240,000 ($1116 per sq ft). The average sale was a three bedroom 1,525 sq ft home listed at $1,146,748 and sold at $1,038,578. The most expensive sale was a 5,000sq ft home listed at $5,900,000 that sold at $5,500,000 (on the market 440 days).

What do the numbers show? Well, I am no statistician but is easy to see that the overall sales are down and the overall sales prices are down across the board from low end to high end sales as compared to both 2005 and 2006 sales.

I have also noticed something very bothersome. There have been a very large number of properties that were put under contract (both seller and buyer agreed to all contract terms) during the past quarter but that later went back on the market. There are usually four things that cause a property to fall out of contract: buyer remorse, poor homeowner inspection report, insufficient credit, or property failed to appraise for the contract price. My suspicion is that properties have devalued and are not appraising at the contract price. If the seller will not lower the price, the property goes unsold.

The hardest part of the market to sell is the mid-range priced home. If you go back through Key West real estate sales to 1997 you will see that the mid range priced home has always been the most difficult priced property to sell. Back then the affordable fixer-uppers in Old Town sold around $250-280K. Homes over a million sold quite easily. But the majority of homes in the $500-800K range languished. Those homes are now just priced a lot higher. And I think the pessimism or skepticism about the lack of sales is failing to recognize this fact. Doom sayers are comparing the "boom market" sales of 2003 thru 2005 to today, and they are seeing doom and gloom.

The next three months are traditionally the worst. Town is hot, locals go away, not much sells. The hurricanes of 2005 and the market downturn have put a chilling effect on a traditionally down market. We shall see what happens this year.

My suggestion: if you are a seller and don’t need to sell now: Don’t list your property. If you must sell now, price it correctly. If you are a buyer, now is the time to buy. The market may not have totally bottomed, but good properties will get purchased before the dregs. Get the right property at a price you feel comfortable with.

If you are thinking about buying, please CLICK HERE to preview all current Key West mls listings. Then call me at 305-766-2642 to help you find your deal. And there are some good deals out there.