Ready, Set, Go -- 4 Go Lane Key West Bank Owned

There is going to be a race to buy this spanking new listing at 4 Go Lane Key West. "Why a race?" you ask. Here's why. The price-$990,000 or $382 per sq ft. The location-Riviera Canal direct access to the Atlantic Ocean. This 2594 sq ft house has 3 bedrooms, 4 baths, pool, gazebo, separate mother-in-law suite, fireplace, parking for four cars. You guessed it, there has to be a catch. Naturally. It is bank owned. But the local lender is willing to do "creative financing" up to 100 % of the purchase price. There's gonna be a run on the bank, I think.

Here is how the listing agent describes this different REO: "Hidden Oasis! This large waterfront home overlooks Riviera Canal from the spacious deck and pool area complete with covered gazebo. The interior offers a combined living and dining area surrounded by glass sliding doors. A total of 3 bedrooms and 3.5 baths comprised of two bedrooms in the main house along with 2.5 baths and a separate mother-in-law suite with private entrance. Master suite begins on the first floor with dressing room complemented by built-in storage, large closet and vanity. Spiral staircase leading up to a large bedroom with bath en suite and private roof top deck. 100% financing available through First State Bank of the Florida Keys."

CLICK HERE for more info and additional photos. There is a link so you can locate the property on the map if you are not familiar with the location. Otherwise, drive as far east on Flager as you can go. Turn right and head south about 1/2 block and turn right onto Go Lane. You are there. It's a ritzy little neigborhood of about 4 houses all owned by rich folk. This is not schlock. Don't let the price fool you.

This will be gone in a few days at this price, of this is I am pretty sure. If you want waterfront property in Key West for a good price, call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to schedule an appointment.

1601 Patricia Street Key West, Florida

1601 Patricia Street is located on the east end of the Casa Marina area near the beaches. This 1721` sq ft remodeled ranch 3 bedroom two bath home was recently reduced from $1,195,000 to $1,095,00 or $636 per sq ft. Spanish tile throughout, new bathrooms, new kitchen and tropical landscaping on a spacious 6300 sq ft lot. The living area flows throughout the house with French doors leading to the heated pool and spa. Covered lanai overlooking the pool and spa. The house sits on a corner lot behind a privacy fence and densely planted gardens. The property has off street parking. This home was professionally decorated -- and it shows in every room and in every detail.

Not surprisingly the house next door at 1609 Patricia Street is also for sale. It is priced at $950,000 for the 2 bed 1 bath home of 950 sq ft. The asking price equates to $1,044 per sq ft. This home has all new electrical outlets, new appliances, has been chemically treated for mold, plaster walls -- no drywall, new paint and new Central A/C. This 2 bedroom, 1 bath home is hidden from view by mature, dense tropical landscaping; the property is totally fenced-in. The beautiful custom pool and waterfall, which takes up most of the side yard, has a privacy wall which hides it from the neighboring property. Landscaping and pool were designed by the renowned landscaper Raymond Jungles. The property sits on a double lot. CLICK HERE for more info on 1609 Patricia.

The house at 1601 Patricia Street is our listing. But I'll be pleased to show you both for comparison purposes. The third pic on the right is 1609's pool. The area is quiet and most of the homes have been remodeled in the past few years. So you would be buying into an area of equally valued homes. That is important, no matter where you buy a home.

CLICK HERE for more detailed information and photos of this beautiful home. Then please call me, Gary Thomas, 305-766-2642 to schedule a showing.

Bank Owned Properties in Key West

Every week or so the Key West Association of Realtors conducts a Realtor's Caravan to show new listings to local realtors. The purpose is to let listing realtors show their new listings to fellow agents and to solicit comments and opinions regarding the property and the asking price. Nine houses were on yesterday's Caravan and three were bank owned. Two others were short sales. So over half of the listings were distressed properties.

I had to laugh when I walked into a couple of the bank owned properties. In one house someone had removed the kitchen cabinets and the appliances. It's a shame because someone had been doing a real nice remodel on the house. The house had new wood floors and a nifty vessel sink and custom tiling in the bathroom, but the lack of kitchen kind of hurts a potential sale.

On the otherhand the grand new home at 408 Grinnell Street in the heart of Old Town has every feature you could ever want and all of the work was done correctly. And nobody wants the house even though it is priced competitively. I've seen people pay a lot more money for a lot less of a house. But we are in a new reality in Key West.

The cost of gas has gotten way out of hand down in Key West. So we are using alternative means to tour properties. See photos to the right. But if you want to see any of the Bank Owned Real Estate linked below, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I'll splurge and use fossil fuel.

714 Windsor Lane a huge house atop Solares Hill that has been partially renovated.

910 United Street has a huge side yard and magnificent trees.

3711 Duck Avenue in New Town.

408 Grinnell Street. A dream home! CLICK HERE for more photos of this exception to the rule about bank owned homes. This is a deal! Somebody is going to own it for a song. Why not let it be you?

518 William Street in the heart of Old Town -- many bedrooms and a possible lockout.

1713 Johnson Street has a pool.

304 Julia Street is a large two story that has been redone. It's nice and clean and has a pool

309 Julia Street. What can I say.

1609 Josephine Street is the house without the kitchen.

1400 20th Street is missing some parts as well.

3575 17th Terrace has a pool and looks really sweet. It has 100% bank financing to boot. I showed this house on Friday. Very clean and newly painted. Great pool and a huge yard if you have kids. There are extra rooms that do not appear on the county tax records--I think.

2005 Fogarty is a small house with a huge yard.

1525 Flagler Avenue is a duplex.

3041 Flagler is a tragic mess.

1212 Catherine is a multi-family.

All properties are Bank Owned. After wrestling that aligator, I can wrestle a banker and make a deal happen.

612 Griffin Lane Old Town Treasure Key West

Way back in February I wrote about a (then) new listing at 612 Griffin Lane in Old Town Key West. CLICK HERE to read what I wrote then.

I got to show the property this past Monday to a prospective buyer who did not want a place with granite, marble, and stainless steel appliances. Griffin Lane was right on target. It is Left-0ver-Hippie to the Hilt. I love it!

The yard is immense and densely populated with all kinds of tropical vegetation and palms a plenty. You walk the path to the wood steps and enter the very large open living - dining - kitchen area. There is a bedroom to the rear and the bath. In the center of the room is a stairway to the second floor where there is another open bedroom with doorway to an second floor deck with a view that is absolutely incredible. I took a couple of photos that appear to the right. They do not do the view any justice whatsoever.

From the second floor deck you look down into the massive yard where there is a second building (a shack with a hole in the roof) but a building which may be allowed to "grow". It is built pretty much on the property line. But the advantage is that you may be able to get permission from the city to keep the existing set backs and increase the usable square footage. A possible usage may be a pool house or a guest bedroom and bath.

Don't let the inside of the present main house scare you. So much of old Key West used to look this way. It's too bad so much of that look is now gone in my opinion. But a new owner will probably want to gussie up the place with more modern amenities. And that can be done.

And what a property you would have if you are the person to buy this secret little treasure that is hidden away from everything and everyone. The "owner" is an estate. The asking price is not cut in granite. The best way to approach this property is to look at it; determine what you think you can do and what it will cost; speak with an architect and contract to see what your vision will cost to bring to life; and then, maybe, submit an offer. CLICK HERE to read what the listing agent has to say about Griffin Lane and see additional photos. Don't let the asking price or the amount of work scare you. You will end up owning a Key West Treasure when this project is done. And I think the actual sales price will probably be much less than you think based on the asking price. Remember,this is an estate sale.

If you are the adventurous sort, please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aolcom. The property is rented so 24 hour advance notice is required.

809 Sawyer Lane Old Town Key West

What could be better than laying out on by your pool in Key West on Christmas Day sipping a cool one and then taking a nap by the fireplace after a filling Christmas dinner? If you owned 809 Sawyer Lane which is located one half block from the Historic Key West Seaport off William Street, you could do just that. This home has killer fireplace.

The house sits to the rear of the Red Doors on Caroline Street, a noted Key West landmark. So folks who want to be near the water and the hub bub of activity that goes on by the waterfront will love this location.

The house has got to be one of the most charming homes on the island. It has 3 bedrooms, 3 baths, a pool, a sun deck, off street parking, oodles of charm, and that fireplace! The house is 1682 sq ft and sits on compact 2650 sq ft lot. The house was originally listed at $1,395,000 and is now offered at $1,240,000 or $737 per sq ft. Like a lot of other properties in Key West, this house is for sale. So the asking price is not necessarily etched in stone. CLICK HERE for more detailed information and additional photos.

When you open the white picket fence and walk through the front door (which is novelty all its own) you step into a living space that utterly divine. The stairway invites you to the second floor where the bedrooms are like something out of an English novel. Or, if you look to the left, your eyes immediately request that you move out to the pool for a dip.

This is one very special home. And I think there is a deal to be made on it. If you are interested in seeing 809 Sawyer Lane, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Whoever buys this home is going to be one happy camper.

Ouch!

I was at the gym this morning listening to the talking heads on Good Morning America banter about the price of oil and how it is affecting our entire economy. I think we are all keenly aware that everything has gone up in price. And for food stuffs that have not increased in price, the sizes have shrunk--as if we are too dumb to know that a 16 oz. can of Campbell's Soup is now only 10 oz.

The talking head then talked about all of the things made out of petroleum. That got me thinking about all of the items contractors, plumbers, and electricians use in constructing or remodeling houses. I did some remodeling last year and made numerous runs to Strunk Ace Hardware, Manley deBoer Lumber, and Home Depot. I was shocked at how much widgets cost. And now, a year later, the prospect of even higher prices on more and more widgets is very real.

What does this have to do with the price of real estate in Key West? Plenty in my opinion. So many prospective buyers think they can buy a fixer-upper, do the work themselves, and save money. It does work. A lot of property owners have done it here. But I have this sense that the cost of remodeling is going to get a lot more expensive and that buying an existing property in good condition at a good price may make great economic sense. Prices are down on a lot of properties. It takes some work to sort out the deals from the not so good deals.

I remember that in 2005 a Realtor-cum-developer had converted a former apartment building on William Street into condos . He had put in granite and marble and stainless steel. The units looked good but not great. He had not done what I consider a quality renovation. He had not put in new piers, sills or joists. The floors were uneven as a result. But the units had granite. He had put in a pool. But the units had granite. The units looked cobbled together. But the units had granite. The units did not sell at the $1000 per sq. ft. asking price. But they had granite. Now the condo units that went unsold are being rented--granite included.

I had a condo listing a block away in a six unit building. My condo listing had granite counter tops, some stainless steel, a pool, and oodles of charm. That listing got sold. I used the building a block away as a sales tool: I took prospective buyers to look at the competition. I didn't have to say anything negative about the other building. It was obvious to each buyer I took there. Quality products and good workmanship are easily discernible. So is schlock.

You can search the Key West Association of Realtors mls database by CLICKING HERE. But you are going to need some help discerning good deals from schlock with granite--at least I think most of you will. My services are free. I get paid when a sale closes and the seller pays the real estate commission. Let me help you find a new home or a second home in Paradise. Call me, Gary Thomas, 305-766-2642, or e-mail me at kw1101v@aol.com.

We had a major fire in Key West last night. Fellow Realtor Bascom Grooms' office and other adjoining businesses were destroyed. Photos above. The before photo was taken August 4, 2007, the fire photo last night, and the aftermath this morning.

3 Pinder Lane -- Life in the Slow Lane -- Key West

It doesn't get any more Key Westie than this! 3 Pinder Lane is the quintessential Key West Cottage that is the guest cottage of the larger property next door at 4 Pinder Lane. (CLICK HERE for more information and photos on 4 Pinder Lane offered at $2,495,000. The combined properties have been owned for the last 40 years by literary agent Dick Duane. Imbued with the atmosphere of those who have lived and worked here: Tennessee Williams, James Leo Herlihy, Tallulah Bankhead et al. Their presence so strong, it's as if the gatherings are still going on. Their spirits sweep through the magnificent living room out to the extraordinary gardens that surround the 43' heated pool, bricked dining patio, sunbaked terrace, the covered bar. The new gourmet kitchen has all the stainless steel appliances and granite counter tops you can imagine.)

3 Pinder Lane was built in 1873 and has been carefully renovated into a 2 bedroom and 2 bath cottage. The combined kitchen, living and dining area has an 18 foot peaked ceiling. There is room to add a 3rd bedroom and bath in the finished windowed attic. This property is surrounded by brick pathways and lush gardens, and has a private heated pool 10' x 14'9" in the rear garden. The house is 1232 sq. ft.and sits on a densely landscaped (79' x 37') 2923 sq. ft. lot at the end of Pinder Lane (located between Fleming and Southard Streets in the heart of Old Town Key West). The cottage was originally priced at $1,390,000 when listed, and was recently reduced to $995,000 -- or at $808 per sq. ft. CLICK HERE for more detailed information and more photos of 3 Pinder Lane.

The bedrooms are small, but they can accommodate a queen sized bed. There is no off street parking, but there is plenty of free parking on William Street. Of course, if you buy the combined properties you get parking included. But for just shy of a million bucks, you'll have to hoof it to the street. When you see this place, you won't mind. It is like something out of a movie.

I love this place, and you will too. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to schedule a showing.

What Is Happening Here? Ain't Exactly Clear!

I don't know if it is a coincidence or a confluence of events, but there is something going on in our little real estate market in Key West.

In the past week we had two sales close on big houses on Sunset Key (the little island just off Mallory Square where you have to ride a boat to go home or go anywhere for that matter). Sale NO. 1 was a 3 bed, 3 bath house that listed and sold for $2,850,000 or $1,438 per sq. ft. Sale NO. 2 was a large 3 bedroom, 4 bath home that listed for $4,995,000 and sold for $4,667,055 or $1,664 per sq. ft. Memories of 2004 and 2005!

During the same time a Key West landmark in the 300 block of William that is listed at $4,275,000 went under contract and it is now pending (no contingencies) closing. The asking price on this puppy is $1,497 per sq. ft.

Last week one of the biggest bargains in town, 409 William Street, priced at $2,194,000 or $770 per sq. ft. went under contract. I wrote about this property several times. It is beautiful and it is located on one of Key West's best streets. This is the deal of the century. Somebody got it.


Then this morning another Key West landmark, the former home of author Phil Caputo on Casa Marina Court (not in Old Town--so there is another element to ponder), also went under contract. The asking price on this estate is $5,490,000 or $1,246 per sq. ft.

At the same time we are seeing lots of activity in the low end of the market. New listings pretty much keep listing at prices lower than previous sales of similar properties. The middle market ($900,000 to $1,900,000) is going nowhere.

What does this info mean? I don't know for sure. Perhaps it means that buyers with big bucks who have been sitting on the sidelines waiting for the market to hit bottom have determined that now is an opportune time to buy. Perhaps.

I'd love to sell you one of those big multi-million dollar homes. We do have a few left. But if you are reading this little blog maybe you are looking for a place a little less expensive. If so, we'll get along just fine. I like normal people. I am one myself. Give me, Gary Thomas, a call at 305-766-2642. Let me help you find a piece of Paradise at a new affordable price.

410 Simonton Street Key West -- Historic Beauty

Major Price Reduction of $500,000 on this Key West landmark property located at 410 Simonton Street in Old Town Key West. Now offered at $1,350,000 or $418 per sq. ft. for a true beauty. There property is presently used as apartments, but could be returned to single family splendor. This property could be a great renovation project, and at the asking price, it might make economic sense to a buyer looking for a home with great street appeal.

The house has 3230 sq ft of living space in 3 buildings. It sits on a 106' X 60' (6360 sq.ft.) lot. CLICK HERE for additional info and photos.

This is not my listing, but I'd love to show it to you. Since it is tenant occupied 24 hours notice is required. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com for more info. Artist Fran Drecker created the Gingerbread portrait above.

CLICK HERE to checkout all of the residential and commercial listings in Key West and the Lower Florida Keys.

Bottom Feeders -- The New Key West Big Fish

There's a bit of a debate going on right now in Key West about how well or how poorly the real estate market is doing. Just to set the record straight, I'm not a cheerleader for the Key West Association of Realtors or the Chamber of Commerce. I don't have any axes to grind. I'm not trying to stir up any trouble. I write this blog to get new clients to sell real estate to. Some of my best friends are Realtors. No, I take that last remark back cause it isn't true. But the other stuff is.

Every month I try to compare that month's sales results to prior years so that we can see how we are doing now as opposed to the recent past. I used the mls database and input the search criteria and then change only the year being searched. My search is of Key West to Big Coppitt Key (our suburb).

May 2008 saw 14 single family home sales totaling $9,802,000. The least expensive home sold for $335,000 and the highest priced house sold for $1,925,000. The median priced home sold at $539,250. In 2007 there were 29 single family home sales totaling $27,855,250. The median priced home sold at $760,000. In 2006 we had 31 single family home sales totaling $37,871,000, and the median home sold then at $800,000. But it was 2005 that saw single family homes sales with a whopping $48,899,600 in total sales volume. In 2005 the median home sold for $970,000. If I did my math correctly that is a difference on the downside of 45%.

There were 8 condo and town home sales in May 2008 totaling $3,660,000. The median unit sold for $397,500. Back in May 2005 there were 28 sales totaling $20,247,000 with the median unit priced at $691,250. I think that is about a 42.5% downward adjustment. Downward adjustment is a euphamism for loss.

One of the good omens from May 2008 was the sale of 324 William which has been on the market for a long time. In 2007 it was offered at $2,349,000 or $1,092 per sq. ft. In 2008 it was listed at $1,985,000 and was on the market 135 days. It sold for $1,925,000 or $895 per sq.ft. That price is way on the high side for Key West home sales both in price and price per sq. ft. But I say it is a good omen because it tells me that nicely renovated homes in good locations have not lost their allure and maybe their value has not diminished as much as some would have us believe (or hope).

The Key West landmark home at 313 William Street priced at $4,275,000 or $1,497 per sq.ft. went under contract on May 27th. That is not a short sale property so it looks like some big bucks are being spent on another quality property. As Martha Stewart says "This is a good thing!"

In May 2008 there were 34 residential single family, condo, and town homes that were classified as contingent, contingent/kick out, or pending. Of those, 14 were either short sale offerings or bank owned properties. (The number may be greater because some agents do not list the offerings as "short sale" even though the seller clearly owes more than the asking price and there is no perceived equity.) The median price on the combined residential contracts is $438,500.

Most of the people I work with want the same thing: a nice house in Old Town with a pool at a cheap price. A few want a really nice larger Old Town home with a pool and off street parking at a cheap price. Everybody wants a cheap price, it seems. We call them bottom feeders. I say that in a nice way. They know they want to take advantage of the hard market we are in. I talk to other Realtors and we all agree on the same thing: the offers that are getting made are usually low ball offers. Most offers that we are making in our office are all cash. And I hear that is pretty much true for most other Realtors.

There are plenty of would-be buyers. They just don't want to get the very best deal they can get. Why pay retail if your brother-in-law can get it four you wholesale?
The flaw with bottom feeding is that all properties are not the same. Second, bottom feeders think that if you wait long enough you will get the property at its very lowest price. Wrong.

There is only one 313 William Street (mentioned above). And now some new buyer is going to get to own it. That means everybody else cannot own it. Even those who have the money cannot own it. Because it is one of a kind. Some people tell me they are looking at buying in other South Florida locations because the prices there are more reasonable. Probably true. But then Miami Beach is not the same as Key West. Nor is Naples, or Ft. Myers, or Delray Beach. You have to own a car and want to take your life in your hands to go grocery shopping in some of those places. They even have home invasions. Most of our crimes involve drunks driving, drunks loitering, or drunks involved in a domestic dispute. I personally (seriously) go through culture shock when I leave Key West. Sgt. Phil Esterhaus used to admonish the cops on Hill Street Blues "Hey, let's be careful out there" doesn't even apply to life in Key West. Except to watchout for drunk drivers.

Last week I discovered that the Key West mls is not the only source of real estate being offered for sale by Realtors. Some out of town Realtors are listing properties in Key West, but are not members of the Key West Association of Realtors. They legally don't have to be. They are not breaking any rules that I know of. They put up a sign and install a lockbox. You may find such a listing by walking by it or maybe find it on the internet. It's akin to "for sale by owner" only on steroids because there are several of these animals around. The problem is that out of town Realtors probably don't know squat about their Key West listing. They may have had a service company install the sign and lock box. They may have never seen the property and conceivably know nothing about Key West or the property other than the tax data. Some Yahoo in Tampa could be selling a house down here. Talk about buyer beware.

A side issue of out of town Realtors listing properties here but not through the Key West mls is that the number of properties being offered may be skewed downward because they are not reflected in the mls database. When one of these properties does sell, the sales info will go though the public record, but it will not show up in our mls records. I see this as being very troublesome.

If you are not totally frightened out of your minds by now and still think you want to maybe buy a house in Key West, please consider calling me, Gary Thomas, 305-766-2642 or contact me via e-mail at kw1101v@aol.com. You can search the Key West Association of Realtor's mls website in real time and see everything we know about that is listed with us. As opposed to the Yahoos sitting in an office who knows where. CLICK HERE to do your own search. Then call me. I promise not to call you a bottom feeder.