What you get for your Money

Time for another comparison post of what you can get for your money. You have seen comparison properties in magazines and television shows. This is my version. I am from Denver, so I selected one home out of 4 homes priced between $1 million to $1.250 million in area code 80218--my old stomping grounds. The area includes much of Capitol Hill (gentrified in the 1970's and Denver Country Club (never needed re-gentrification). The area is a close drive to downtown Denver and the best shopping, restaurants, sports and entertainment venues in the city.

The house I picked was at 467 FRANKLIN ST and priced at $1,250,000 and is 4,365 Sq. Ft. of living space which is $268 per sq. ft. It has 4 bedrooms, 4 baths, 2 car garage and all the bells and whistles you get up north in America. CLICK HERE to see all the pics and details on this lovely home.

There were 23 active listings CLICK HERE by comparison in the Old Town Key West area and I selected 621 Canfield Lane as my comp. It is a renovated and restored wit a designer kitchen and baths, high ceilings, hardwood floors, and Dade County Pine. Private, gated and lush tropical yard includes pool and Jacuzzi, large deck and sky deck on second floor. Off Street Parking, Great Old Town location. It only has 2 bedrooms and 2 baths and 1260 sq. ft. of living space. It is priced at $1,149,000 or $912 per sq. ft. It is owned by a successful realtor who has reduced the asking price from $1,249,000 to the present price.

Key West is definitely priced higher than a similarly outfitted home in Denver. But then you would be living in Denver. Not Key West. Denver is my hometown and I loved it. I just happen to love Key West more. It's like being on vacation 24/7. If you are thinking of buying a home or condo in the Key West area, please CLICK HERE to preview all current mls listings. All listings are in real time so you will never miss a buying opportunity. And think about calling me to help you find your new home.

The Road to Paradise

The photos to the right remind me of my very first trip to Key West. We drove down from Miami and arrived just before noon. I saw the big green sign with two arrows both going "South" but requiring right or left turns. I turned left and headed for the "beaches". Mistake. Wrong. I started to panic and thought I had made a terrible mistake coming to Key West. Wrong again.

We ended up on Duval Street by accident. It's a small island. Everybody ends up on Duval Street. We eventually found Fleming Street and then the guesthouse. Back then there was some free public parking and meters were not all that expensive. So I parked the car and used it once or twice during the two weeks we were here. Mistake #3 was renting a car. You do not need a car in Key West. You cannot park a car in Key West.

After a couple of hours by the pool we did the tourist thing and started the daily Duval crawl where tourists walk up and down the longest little street in the USA. You can walk from the Atlantic Ocean to the Gulf of Mexico in about 30 minutes or so. And we did. Daily.

Two blocks east of Duval is the Key West Historic Seaport. It looked really decrepit back then. We went there one day to catch a catamaran for a day of snorkeling. Bad idea if you get seasick. But it is also really fun. The photo of the Lazy Lane reminds me a lot of what a lot of Key West looked like back in 1984--before things got so gentrified. And the pic of the boat at the seaport is just icing on the cake.

I had a major downer about Key West after Hurricane Wilma. I never thought things would be the same. The damage to homes and businesses was not all that bad, but our beautiful little island got a big black eye. So many of the trees and the greenery was mangled and tortured by the winds and rains. The salt water killed off a lot more greenery weeks later.

But the rains eventually returned a few months later and the island started to nurse itself back into shape. Today the island is a green as ever. There are areas of green vegetation that were not green before. "Volunteer" plants and trees sprang up everywhere. Everywhere! And even though Florida is under a drought, when we do get rain all of the plants and trees go crazy. And the little birds bathe themselves in the streets. So many of our trees have flowers--many that are really fragrant. It is just a joy to walk or ride a bike to enjoy our little home town.

If you are thinking about buying a second home in Key West please CLICK HERE. You can preview every home, condo, or commercial property for sale in Key West and the Florida Keys. And if you see some property that you like, please call me at 1-305-766-2642. I would be glad to help you find your little place in Paradise.

Spring Clearance Sale! 1318 Duncan Street

A steal at this price! Originally priced at $849,000 and now reduced to $560,000 for a quick sale. That is $475.00 per square foot. This is the largest of the four condos in this multi-unit compound with private deck, large in-ground shared pool, large front porch, private yard and a very rare and hard-to-find separate free standing garage (not a misprint) and ample off-street parking. Renovated in 2005. Furishings are negotiable. Owner is a licensed Florida real estate Broker.

This unit has historically been rented as a vacation rental for a period of 30 days or less and has an excellent rental history. GO HERE to see the property management company's webpage for this unit. Lots and lots of details.

The four condos are located 1318 Duncan Street--just one block east of White. CLICK HERE for more photos and detailed information. There is also a map link so that you can see the location if you are unfamiliar with the address.

Owner needs to sell. Give me a call at 1-305-766-2642. Thanks.

Shipyard Condos @ Truman Annex

For the last 15 years or so the Shipyard Condominiums have been the entree for a lot of second home owners in Key West. There are three reasons these particular condos appealed to a large audience of buyers.

One--location. The condos are a two block walk to Duval Street and all that it has to offer. Guests that are unfamiliar with town can easily find their way home. The condos are also a short walk to Mallory Square (home of the famous Key West Sunset Celebration). And the condos are also about a five minute walk to Ft. Zachary Taylor State Park's beach.

Two-price. The condos were very affordable when first built and continued to rise in value at a moderate value with the rest of Key West until 2002 when the boom hit. Then prices skyrocketed. Prices have moderated now, and homes are priced between
$564,500 and $1,199,000. The median priced unit is priced at $639,000.

Three-value. I consider value to be different from price in that value connotes the combination of location and value that give worth or importance to the Shipyard condos as opposed to other similarly priced condos in the Old Town area. These condos are affordable and give regular folks the opportunity to buy a second home or investment property in Old Town. The location and the amenities the condos have (pool, parking, common areas) make ownership and ability to rent long term or transiently make the condos an easy deal.

I'd say that people who bought in Shipyard in the last two years are upset that their units are not worth what they paid for them. They have lost value if they need to be sold now. But that reduction in price is a buying opportunity for someone looking to purchase a condo in today's market.

When the real estate market takes off again, and it will, these units will be back in demand just like before. The key to me is for a buyer to find the right unit at the right price in the right location. Shipyard has some prime locations and units that have been significantly upgraded. These factors affect the asking price. Some units have a proven track record of producing good income from transient rentals. And some units are dogs that need spiffing up or have location problems.

Do your homework and figure out exactly what you want and what you are willing to pay in today's market. There are 24 units for sale and some sellers really want or need to sell. Do the math!







CLICK HERE to view all 24 currently listed condos in the Shipard at Truman Annex. Then please call me to set up a showing for you. 1-305-766-2642.

730 Passover Lane - Open House Sunday

It is supposed to rain on Sunday afternoon, so you probably won't be laying by the pool or frolicking in the ocean. Think about visiting me at 730 Passover Lane during my Open House from 12:00 to 2:30 PM.

This charming cottage sits directly across the street from the Key West Cemetary. I won't make any bones about it, many people would not consider a house by a cemetary. But if you aren't afraid of ghosts and you want a few rooms with a great view (I'm serious), you need to see this little house.

It is a One bedroom and one bath home on quiet Old Town lane with a delightful front porch, private rear garden with a pond and an outdoor shower, skylights, vaulted ceilings, sleeping loft, built-in cabinetry, pickled hardwood floors, granite counter tops and stainless steel appliances. The loft is large enough to accomodate a queen size bed.

CLICK HERE for more info. And if you aren't busy, do drop in.

Investment Property on Eaton Street

Looking for an investment property with upside in Old Town that has a motivated seller? Look no further. I have a suggestion for you.

1110 Eaton Street pictured to the right is a 5 unit apartment building (4 licensed apartments plus an owner's unit) with off-street parking. Four of the apartments were recently updated and the fifth is in fair condition (can be rented as is without hanging your head down). Only two of the units are rented. An on site manager occupies a third and the owner keeps one for himself when he is in town. The two that are rented are rented below market. It's a long story...

CLICK HERE to see more pics of the property and obtain more details about the building.

The owner wants to sell. Bring me an offer. 1-305-766-2642.

Pre-Sale Home Inspection--Key West

During the time I have been writing this blog I have mentioned the variety of homes (style, age, value) on any one street or in any particular neighborhood. Up north in America there are blocks after blocks of very similar buildings or homes, mostly built contemporaneously with each other and in a style and scale as to not be dissimilar. The suburbs that developed after World War II are filled with "cookie cutter" homes. So the buyer can easily shop for the best value by comparing similar homes in similar areas.

But Key West is different. On any one block you can find a cigar maker's cottage of 1000 square feet next door to a two story 2200 square foot grand conch house (Greek Revival). So pricing and comparing properties is a bit more difficult. And since the current real estate market in Key West is in such a flux, I suggest that potential sellers get their property appraised before we place it on the market. Now most Realtors can do a Comparative Market Analysis and give a seller an opinion of the current value based on recent sales. I view the impartiality of an independent appraiser (who is not going to list the property) as being more beneficial. Then the seller can use the appraisal as an additonal marketing tool to sell the property.

Another tool that should be considered is to obtain a Pre-Sale Home Inspection by a Certifed Home Inspector. There was an excellent 30 minute program on the Fine Living Network last night about Pre-Sale Home Inspections. (It is supposed to be rebroadcast this weekend.) It shows one would-be seller who obtained such a report and discovered several problems that any post contract inspection would have found. This gave the seller time to get the items repaired or obtain estimates to determine the cost of repair. The seller opted to spend the money and remediate the problems. The house was listed and went under contract 27 days after being listed.

The nice thing about a Pre-Sale Home Inspection is that it helps reduce the uncertainty of contingencies in a real estate contract. Most contracts have financing and inspection contingencies. (Most Key West contracts are "As Is", meaning the buyer can have the home inspected and walk away from the deal if the inspection discloses some problem with the property.) But the Pre-Sale Inspection, like the appraisal, can be used as a marketing tool to reduce the uncertainty in the buyer's mind about the condition of the property. If the inspection is done by a certified home inspector, it is usually transferrable to the buyer without any additional cost. The inspection reduces the liklihood of a subsequent lawsuit by the buyer against the seller for failing to disclose material defects with the property since the pre-sale inspection is done by an independent, certified inspector who will not benefit from the sale.

I suggest that any potential seller in any town or city watch the program on the Fine Living Network. It is well worth 30 minutes of your time.

If you live in the Key West area and are considering selling you propety, contact Kevin Barlow at Islandview Associates. Go to www.islandview-associates.com for more information on fees and services they provide. I know Kevin. He is a real professional. He is very knowlegable and will work hard to make your sale in this difficult market a little easier. It is worth a call to him. He can be reached at 305-304-9196. Mention that Gary Thomas sent you. I won't get a nickle, but I would like to know that someone heeded by advice.

Something is Happening Here, What it is Ain't Exactly Clear

Remember the Buffalo Springfield song For What It's Worth? It was about the Viet Nam War. The first two lines "There's something happening here, What it is ain't exactly clear..." are rather haunting because they alert us to something forboding (a man with a gun over there...).

Well, something is happening in Key West and I wrote a little about "it" a few times, even as recently as May 19th. That something is the subtle changes ocuring on our little island. There is an item onPage 3 of the May 18th issue of SOLARES HILL, the Key West weekly newsmagazine. CLICK HERE to get the issue in Pdf format. The item discusses the demise (or relocation to another city) of several art galleries in Key West. One of the galleries mentioned is the Charest Weinberg Gallery on upper Duval. Jeff Dunaway of our office is involved in the sale of the building. It went under contract about two weeks after being listed. Our offices are filled with the works of several artists featured at the gallery. I guess we'll have to give the artwork back.

I recently spoke with a builder who moved here around the same time I did. He remarked on the ever changing scene on Duval and how Key West has always adapted to the changes brought on by circumstance. As an example he cited the drug smuggling of the 1970's when the fishing business was so bad that many fishermen resorted to smuggling to be able to take care of their families. A story I have heard before from others. He mentioned the influx of gays and their impact on the gentrification of Old Town. He discussed several other events and how the town coped, and then he mused on what is occuring now: the downward turn in the real estate market. But he was not pessimistic. Instead,he saw the new market as a buying opportunity.

It bothers me that art galleries are going, and that neon signs are subtly appearing in Old Town. They were supposedly illegal. What is happening here? I ask. It bothers me that a good steak uniformly costs $39 or more at every good restaurant. Potatoes extra. It bothers me that a bottle of beer costs five bucks. That's six with a tip. How did this little town get so expensive? Why did it?

I have written about all of the new two million dollar condos going up around town. None of them have sold. There are pre-sales. We'll see how many actually close. I bet the banks are going to start selling some of them off in the not too distant future.

I previously wrote about all of the new luxury hotels being built in Key West. Maybe I'm ill informed, but I don't think there is a market to support all of the luxury rooms being built.

So those are just a few of the issues that make me sense that something is happening here, what it is ain't exactly clear.

By the by, if you do open the Solares Hill link and read the story, please go to Page 18 and hit the magnifier button so that you can read the page. The editor asked Realtors to identify "the single most important thing you can do if you're trying to sell your house". Read the responses. Two of note: Rudy Molinet of Marquis Properties said to "...price the house correctly." He suggested having your Realtor perform a Comparative Market Analysis of comparable sales in a similar location. And I was quoted saying "Get an appraisal from a qualified professional appraiser and list your home at or below the appraised value. Then use the appraisal in your marketing to show that your list price is reasonable."

Another One Bites the Dust

Remember the song "Another One Bites the Dust"? Well, the Key West Citizen has a story in today's edition CLICK HERE TO READ THE STORY about the demise of The Deli located at the corner of Truman & Simonton Streets. It was an easy going diner with good food served Key West style--slowly. I only ate there a few times. The food was good, but like everything else in Key West it got expensive.

Now you may not care about the demise of a diner, but if you live in Key West or want to buy a place here, the closing may have some meaning if you put it into context. There are several announced plans for major redevelopment projects of some favorite and maybe some not-so-favorite properties. The Holiday Inn located right when you drive over Cow Key Channel from Stock Island has been raised and the new swank BEACHSIDE KEY WEST RESORT is rising from the dust. It will be operated very much like a Ritz Carlton hotel. The same developer, the Spottswood Companies, recently announced that it had purchased several major hotels across the street and running east towards Old Town that will be raised to make way for a very large convention center and more swant hotels.

The Hotel La Concha at the corner of Fleming & Duval is supposedly being renovated into a major luxury hotel as well. Back in January I wrote about the renovation that is currently going on at the Casa Marina Hotel. It has always been a luxury property, but it got a little run down. But the project is rolling along with a total make-over of the property. It too will cater to the tony crowd.

A few blocks away The Atlantic Shores Resort has two more weeks left before it gets demolished to make way for more luxury oceanfront condos. Even the seedy Key West Youth Hostel is getting the e axe to make way for new condos.

I am sure the developers all think the gentrification and luxurization (is that a word?) of Key West is a good thing, but I wonder if the premise of the Kevin Costner flick "Field of Dreams" will come true: Build it and they will come. More importantly who are the operators going to get to staff all these new luxury hotels?

Not every tourist or regular traveler or potential second homeowner to Key West wants a luxury hotel, a luxury condo, or luxury second home. A lot of people come here just to unwind and enjoy the funk and feel of the place. Key West is normally very clean, a little noisy, but almost always a lot of fun. I think the windbags that stay at the Ritz Carlton will turn this quaint little drinking town with a fishing problem into something we may not like.

About 30 years ago a small group of people in Denver (my hometown) organized themselves into an International Olympic Committee and successfully secured the 1976 Winter Olympics for Denver. The problem was that the public didn't want the games. Another group got organized and put an issue on a statewide referendum to walk away from the games. The measure passed and the Olympics did not occur in Denver.

I really question the merit of redeveloping so much of the infrastructure that helped make Key West such an inviting place. If it gets turned into another Boca Raton, why will people even consier coming here.

I'm not all that pessimistic. I still think people will want to come to Key West. And if you want to buy a place here, checkout our mls website by CLICKING HERE and then call me for more info. 1-305-766-2642.

An Uplifting Experience

The house pictured to the right is located right next door to mine in the Casa Maraina area of Key West. The folks who own it live in Atlanta and own several restaurants. The house is a vacation home that gets used a couple of times a year. It sits on a very large lot by Key West standards and the lot is filled with specimen palms and plants.

The house suffered major damage during Hurricane Wilma due to flooding. The house was built years ago and the ground floor was low to the ground. So the house is getting a face lift and a body lift. Two weeks ago the movers came in and within two days elevated the house six feet off the ground--it's new height.

Contractors are now building a new foundation and will lower the house onto it soon. The rest of the house will get redone as well. I will post additonal pics and comments as the construction progresses.

Although much of the Casa Marina area had about a foot or so of ocean water during Hurricane Wilma, not many homes flooded because they were built high enough off the ground not to get flooded. But I learned several years ago that certain parts of town can and do flood even during healthy rainstorms--not just hurricanes. I always make a point of asking a listing Realtor this question when he/she shows a property: Does this has flood. I insist that the buyer get a home inspection as a contingency of the purchase.

Thinking of buying a home or business, then please also think about contacting me to help you. 1-305-766-2642. CLICK HERE to checkout all mls listings for Key West and the Florida Keys.