Key West Dreamin' - But Not Make Believin'

I was looking at one of those slick destination magazines last night. You know the kind I'm talking about. Magazines that promote destinations like Aspen, Vail, La Jolla, Palm Beach, Savannah or Charleston. Magazines that feature photos of designer show homes, fancy restaurants, hot spots, trendy fashions, and society types. There was a full page ad for new homes that were built to look old. The ad read "FRONT PORCH FUN At Hibbben, we're reintroducing the front porch. A place to laugh and have fun with the whole family. A place to cool down after a hot summer's day. A place where the biggest worry is if there are enough Popsicles to go around." The ad showed three new houses with front porches and a few scraggly palm trees. The houses are located in a newly manufactured town where new houses try to replicate the old town look.

I've written before about my falling in love with Key West my first trip here. I had always lived in Colorado and while I wanted to move to Key West in my mind, my mind told me I needed to be more rational. I used to travel to California a lot. I fell in love with the Laguna Beach area. I considered moving to Palm Springs, La Jolla, Santa Barbara, Carmel, and San Francisco in addition to Laguna. But each one of those places requires a mindset and a car. The mindset is to be really into yourself and in to what other people think about you. Everything in California is image in my opinion. And you need a car to go everywhere because everything is so far away.

One time I looked at real estate in Savannah and Charleston. Both places are just beautiful. The historic districts are rich in architecture. But after a couple of weeks in both places I knew I did not belong in either. Charleston had snob appeal, but not to me. And Savannah had that awful odor and the oppressive summer heat that I knew I could not endure.

During my first trip to Key West I would take my morning walk around Old Town and look at houses like the ones Jerry Herman had just renovated in 700 block of Fleming Street or the Calvin Klein house on Eaton Street. I'd compare those houses to some nearby house desperately in need of a paint job. I dreamed of what my life in Key West could be like and what I could do to a desperate house. I imagined sitting on the front porch of my house in Old Town and watching the world walk.

There is a difference between manufactured communities like the one I mentioned. The houses are beautiful no doubt. But they don't have the character that comes from people actually living in the community. The trees and shrubs are too pristine. Everything is too planned. Too perfect.

Key West on the other hand is a real city with real people who lead real lives. Our front porches bear the scars of years of use. The streets in Old Town are lined with trees of all types and sizes. The white picket fences serve a genuine purpose and are not just for show. The crazy cats, dogs, chickens, iguanas, herons, and other animals that inhabit our island make Key West a real town where the front porch never went away so it needs no reintroduction.

Real houses and real people living lives not consumed by consumption, that is what Key West is made of. I have been here for 15 years, and I have learned that so many of the things I could not live without are not even necessary. You can have your make believe towns and suburbs with houses that look old but are only imitations of the real thing. I'll take a Conch house with a real wood floor over a salt box with a new laminated floor. I prefer the Key West version of the shotgun house (we call it a Cigar Maker's Cottage) to the ranch style house so prevalent across the US. The old structures were built in a time when things were built to last. And they did. Many have been updated with either plain or fancy kitchens and baths added. Some have pools and are gentrified. Others are still plain and utilitarian. But they all seem to work.

If you consider all of the panicked selling in the in the stock market over the past three days you will see that for every seller there was also a buyer. On July 14th I wrote about the demise of IndyMac Bank and my experience in working for the RTC during the S&L crisis in the early 1990s. Bank of America grew itself by buying a lot of the assets (and some liabilities) of many failed thrifts. It recently acquired Countrywide Mortgage. And this week it bought Merrill Lynch. The acquisition of the S&Ls helped foster the huge growth of Bank of America. I'm betting that the Countrywide and Merrill Lynch acquisitions will prove equally valuable.

And I think that even though the economy is in turmoil for the near term, there really are some good deals to be had if you happen to be a buyer.

CLICK HERE to perform your own search of the Key West mls database in real time. If you see a house or condo that looks interesting please call me, Gary Thomas, 305-766-2642, or e-mail me at kw1101v@aol.com. Don't let today's pessimism stop you from full filling your dream of owning a home in Paradise.

Key West Beach Club Condos

Not everybody wants to own a place directly on the ocean where you can wake up in the morning to the sound of gentle surf rolling ashore just below your bedroom window. But a whole lot of people would love the opportunity to own such a property. Especially if it were affordably priced and located in Key West, Florida. Well this is your opportunity.

I have written before about the desirability of the Shipyard Condos in Old Town and the much larger units at 1800 Atlantic Blvd. to second home owners. The location, size, and creature comforts of each has made both projects very popular second home choices.

Until the market decline over the past three years the units at the Key West Beach Club have been an even more popular choice to the few who had the opportunity to even buy a unit. Historically, very few units at Key West Beach Club went on the market and when a unit was offered for sale, it would sell very quickly. If you have ever been to the Key West Beach Club you know the reason why. Each unit is located directly on the Atlantic Ocean. Each unit has a spectacular right-in-your-face ocean view. Most of the units are two bedroom and two baths, but there are a few three bedroom units and a couple of spectacular penthouses. As with other projects of similar age, there is some price variation among units based on remodels and upgrades and floor level. But all units share the same view, the same tennis courts, the use of the gym, the pools, the covered parking. And most of all they share the distinction of being the only condos located directly on the ocean in Key West.

Unit 104 is a 2/2 built in 1985 and is priced at $775,000 or $553 per sq ft. And it has a valuable Transient License which means you can rent it on a daily basis to help defray the cost of purchase. You are not required to rent it, but it is a valuable option to possess. CLICK HERE for more info on Unit104.

Unit 105 is also a 2/2 and is offered at $875,000 or $625 per sq ft. This unit is located at the end of the building and has the most privacy going. CLICK HERE for more info on Unit 105.

Unit 107 is a two bed / 2 bath unit that was built in 1987. This unit is priced at #1,375,000 or $962 per sq ft. CLICK HERE for more photos and info on Unit 107.

Unit 115 is the largest unit offered. It has three bedrooms and two baths. It is located at the far east end of the east building. It is offered at the price of $1,200,000 or $766 per sq. ft. The home is being sold furnished and currently is the only one of this type floor plan on the market. CLICK HERE for more photos and info on Unit115.

Unit 210 is a two bed / two bath unit that was just recently listed. It is offered at the price of $999,000 or $699 per sq. ft for this 1430 Sq. ft. unit in the east building. CLICK HERE for photos and info on Unit 210.

Penthouse Unit 406Very rare offering of a top floor 2 level end unit home at the Key West Beach Club. This beautiful luxury condominium main level includes 2 bedrooms, 2 baths, large living/dining room and a separate den. Upstairs is an enormous 3rd bedroom/loft and bath. Recent upgrades include 24" x 24" marble tile floors, crown molding, designer lighting and hurricane wind impact resistant doors and windows. This unit is offered at $2,500,000 or $892 per sq.ft. CLICK HERE for additional photos and information on Unit 406.

Luxury amenities at the Key West Beach Club include two oceanfront pools, tennis court, gym, outdoor entertaining areas with cooking facilities, covered parking, additional storage, and gated entry. Condo fees of $2500 are paid quarterly and include Cable, Exterminating, Building Exterior Maintenance, Building Insurance, Common Area Maintenance, Pool Maintenance, and Security.

If you would like to see any unit at the Key West Beach Club or any other Key West real estate listing, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

1800 Atlantic Condominiums --Key West

"When you finally feel like you are really there. Warm sand." CLICK HERE to see why so many people travel so far to enjoy Key West.

Most people in the United States work 50 weeks a year just to make enough money to have a vacation. For many people it isn't even the cost of a vacation, it is their jobs that prevent them from taking more vacations. I used to live in the real 9-to-5 world, but I was smart enough to plan trips around three day weekends to stretch my vacation days. And I always looked forward to my trips to Key West.

On December 31, 1986 I was stuck at the American Airlines terminal in Miami waiting to catch a plane to Key West. There was a horrible rainstorm and all flights were delayed or cancelled. American finally let one plane leave somewhere around 9:00 PM and I got on it. I arrived at the funky Key West International Airport without any baggage. It was late and there were only a couple of cabs at the airport. I shared a cab with 3 or 4 locals and I told the driver to "Take me to the Copa." Where else would you go without food or clothes on New Years Eve in Key West?

There is an over-supply of condos for sale just about everywhere these days. As a buyer you can buy a place at any destination you please and get a pretty good deal. But the point of buying a place ought not to be just buying to get a good deal. It ought to be about dream fulfillment. It took me about 8 years to finally buy my first place in Key West even though I made up my mind the first week I came here I wanted to live here. I just had to make certain that I got the very best price. And that stubbornness cost me so much money because of all the opportunities I missed.

During the past two decades two different condominium developments have helped buyers fulfill their dreams of owning a place in Key West. One is Shipyard in Truman Annex and the other is 1800 Atlantic. The Shipyard units are all basically 680 sq ft, 2 bedrooms and one bath condos in a quaint setting within walking distance to everything in Old Town. The price per sq ft was cheap when first built, but the amenities and location made the units very popular and that caused the prices to rise.

A mile or so to the south and east you will find the 1800 Atlantic Condominiums. Unlike Shipyard, they ain't quaint. The three buildings have a very modern facade made of reinforced concrete and glass. But once you go inside you understand why so many people have chosen 1800 Atlantic as a second home. Many of the units have a valuable transient rental license that permits owners to rent the units on a daily basis much like a hotel room. In reality the condos are typically rented on a weekly basis but not always for just one week. But it is the ability to rent the unit multiple times during the month that makes transient rental units very appealing to the buyer who wants the condo to help pay for itself.

It is legal to rent a condo at 1800 Atlantic as a vacation rental without a transient license, but the rental rules are different. Owners can only rent the unit once per month for a period of 28 days or less. Only one rental per month. That's it.

There are sixteen units available for purchase at this time. All of the units at 1800 Atlantic are about twice as large as those at Shipyard. The 1800 Atlantic units are all 1357 sq ft and have two bedrooms and two baths. The bedrooms are large. The living rooms and kitchens are large. Many have transient licenses. CLICK HERE to checkout the properties available. Look carefully because some units are actually located next door to each other so you can see a marked variation in pricing on some units. "Why is this?" you ask. The property is 20 years old and many of the units have not been updated with new kitchens or baths. Others have been. Look at the photos of the units and determine which looks better to you.

And of course there is the location issue. The complex looks like a big "U" with all units facing the Atlantic Ocean. The east side of Building "C" has units with view of Bertha Street and the ocean beyond. Units across the hall have courtyard views and the ocean. All units in the "B" building have straight one ocean views but those units sit furthest away from the ocean. Half the units in the "A" building have courtyard views and the other half view the mangroves and nature preserve on the west side of the building. And then there is the other issue of floor level. The higher floor, the more expensive the unit. The lower floors offer the same amenities and square footage as the upper floors, but the upper floors generally offer better views or more privacy.

Several of the units currently for sale CLICK HERE are Short Sales meaning that a short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed. Some of the properties may be priced at about half of what they were sold for a few years ago during the market bubble. I doubt if any of the condos anywhere actually totally pay for themselves. But units that are properly managed and correctly priced ought to generate enough income to help make the purchase of a second home in Key West a possibility. If you do a Google search of 1800 Atlantic rentals you will see many companies and individuals with websites offering units. Prices for rentals vary somewhat based on unit location and condition and time of the year. I think many people return to the same location(and often the same unit) year after year because they know exactly what they are going to get. The best surprise is no surprise.

The photos show 1800 Atlantic at night with the ocean and full moon. Imagine, that could be your view. You could walk your dog or take your kids down to Smathers' Beach just east of the condo or down to the private beach at the condo itself. You could play tennis, go for a Jacuzzi, take a dip in the pool, get a tan, and have a bar-b-que without ever leaving your property. Some people like the tranquility of the ocean and save Old Town for limited visits. To each his own.

Remember I just changed offices. I am now at Preferred Properties Coastal Realty, Inc. If you would like to see any of the units at 1800 Atlantic or get more information on them, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

Hidden Treasure - 529 Margaret St. Old Town Key West

My favorite Realtor (not me) just listed a very cute, clean, and well priced two bedroom / one bath home in Old Town that was totally updated in the last two years. The asking price is only $599,000 or $922 per sq ft. The two story home is located at 529 Margaret Street and is tucked away down a bricked and nicely landscaped path away from the street. Michael's Restaurant is located across the street as a quick reference point.

The house was built in 1978 so it is not old and creaky. The recent remodel spiffed up the place just right. When you walk into the property from the bricked path you immediately see the beautiful pool to the left. And then you look to your far left and see an amazing giant tree with an outdoor shower tucked inside the tree. OMG! I forgot to mention there is also a separate spa.

The house is pretty simple, really. And that is what makes it so attractive in my opinion. It is not fussy. It is clean and neat and to the point. The downstairs consists of the living room and the kitchen. CLICK HERE for more photos and information provided by the listing Realtor. And CLICK HERE for more photos that I took when I previewed the house on Friday. There are french doors in the living room and kitchen that open onto the deck and pool area. So the downstairs living space is open and inviting and yet tucked secretly away from the rest of the world.

Upstairs there are two cocoon bedrooms. They are not really large, but they are not tiny either. They are cozy. They share one bath and it is very up to date and very nicely appointed.

The washer and dryer are in a separate enclosure near the pool and there is another enclosure near the front of the house that houses the pool equipment and provides additional storage. Everything has a place and everything is in its place.

There is no off street parking. So you second home owners don't have to pay to have a gas guzzler in Key West. Rent a car when you are in Key West if you must have one. Think of all the money you will save not owning another car you rarely drive. Be like another client of mine that bought a cute little house on Nassau Lane a few years back: buy a scooter and ride together.

The listing Realtor told me the seller had the property appraised before listing it. The asking price is below the appraised price. This is not a forced sale.

I like this home a lot and I would love to help someone looking for a secret treasure right in the heart of Old Town. If you would like to see 529 Margaret or any other house, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

CLICK HERE to search the Key West mls database. If you see something you like, give me a call. Unlike a lot of real estate websites, our database is maintained in real time so the information you see there is current.

One additional note: I am now at Preferred Properties, 520 Southard Street. Our office is located midway between Duval and Simonton Streets. Stop by and say "Hey!".

upside downside

It's that time again to report on real estate sales in Key West. During the month of August 2008 there were 13 single family (and duplex) sales in Key West. The least expensive house sold for only $325,000. The median sale was $530,000. And the top sale was the old Thompson Estate at 1411 South Street. It has been on the market for several years and has been listed by several different Realtors. It was once priced at over $7,000,000. It sold for $3,312,500. That house was a hard sell because of the asking price and its location (not near Old Town and in an area that flooded during Wilma). The lot was huge and the house was "eclectic".

The interesting thing about the August sales was the continued strength of Old Town and Casa Marina areas as the place to buy real value. The lower end sales continued to be the Mid Town and New Town areas. For buyers looking to buy an inexpensive house, the Mid Town and New Town areas offer some deals. But the value deals (quality, location, upside potential when the market returns) continues to be Old Town followed by Casa Marina. CLICK HERE to see each single family house sale for yourself.

For you readers that pay attention to what I wrote and how some sales actually panned out, the bank foreclosure at 1310 Olivia Street that started out at $699,000 sold for $530,000. That house is in the Meadows area, has a pool and off-street parking. It looked a little dingy or forlorn, but elbow grease and paint will make it all nice again I am sure. A couple of weeks ago I remarked about 1117 Royal Street. I liked that house at that price but not that location. Very good price for the house in my opinion. I wrote about 1307 Royal Street a couple of months back. It is a very nice house with a full guest cottage and a valuable transient license. It was listed at $1,200,000 and sold for $967,500. The location is near Old Town, but definitely not in Old Town. That hurt the price I think. I drove several prospective buyers by the property and nobody wanted to set up a showing. And then there is 1113 Watson. My little listing from hell. It was supposed to be an easy sale, but turned into a difficult deal indeed. It finally sold and everyone lived happily ever after.

There were just ten condo and townhome sales during August. The cheapest unit went for only $210,500. The median sold for $302,500. And the most expensive sold for a mere $700,000. The most expensive sale was a two story unit at Gulfside. It was originally priced at $1,270,000 when listed on January 4, 2007. Ouch!

As of today there are 122 residential (single family, condo, town home, duplex) listed as contingent or pending. Most of these properties are in the short sale process. Short sales rule in Key West. They do not necessarily take a short time to close. Some take a near eternity: case in point a closing that occured last week has been under short sale approval process since September 2007. Ouch again!

For you non-believers here is a New Listing of a True Key West Landmark. 616 Eaton Street in the very heart of the historic district was just listed for $5,500,000. SEE PHOTO TO THE RIGHT. The house is noted for its simple but eloquent architecture and its lack of paint. I've heard many people say something to the effect that the house could look good if the owner would only paint it. Yeah, but would it look better? CLICK HERE for more detailed information and two photos. The owner has very strict rules about showings, so unless you can show proof of ability to purchase this place, your only looks are from the Internet or the street. By the way 616 Eaton is priced at $2,266 per sq ft.

1119 Von Phister St. - Key West - Bank Owned

This foreclosure stuff is starting to get personal. Just Listed: 1119 Von Phister Street in the Casa Marina Area of Key West. I'll be your lucky neighbor. I live next door. These are neighboring homes CLICK CLICK CLICK CLICK.

Let me tell you about the house and why I think it is a great buy. And let me tell you about the neighborhood and why you might just want to live there.

The original house is constructed of Indian Blocks, a building material used in maybe 30 of the older homes in Key West. The man who owned the house before the last owner added room after room during a time when there either was no building code or there was no enforcement of building codes. The lot is huge and the house and the structures on the lot were many and very strange. That man passed away and when the most recent owners bought the house the additions and contraptions were removed. What was left was the core of the original house and a huge lot. Other than the exterior walls in the front, everything is new.

The recent owner was a perfectionist and demanded that everything be constructed perfectly. No matter the cost. Much of the inside was hand crafted elsewhere and on spot. As a result I don't think you will find this home to be filled with materials available at Home Depot or Lowes. 1119 Von Phister is in a class of its own.

Click each word or phrase to see parts of this home: Greatroom -- Great room and dining alcove -- Kitchen -- Pool and rear deck -- Pool and spa -- View from second floor front balcony
-- Bath second floor front -- Master bedroom and sitting room -- View from master bedroom -- Master bedroom balcony -- Master bathroom -- First floor front bedroom -- First floor bath

The house is aggressively priced to sell now at $1,895,000 or at $666 per sq ft. For you readers who like to pick at prices I would suggest you consider the quality of the finishes and the size of the lot before you carp over the per sq ft price. I think the price is aggressive because it is priced below a two week old appraisal. The price shows the bank owner wants to sell this property now. And if you read the fine print in the link below you will see that the lender-owner may offer Seller Financing.

There is a huge old Mahogany tree at the front of 1119 Von Phister. I have one in front of my house and there are several others on our block. Many of the houses are quite old but renovated. The block looks stable, as in real people who take care of their homes live here. The house is a five minute walk or take a bike ride to the Atlantic Ocean and the beach. This is the real deal my friend. And the good thing is you won't have any sand in your feet by the time you walk back home. Of course you can ride your bike or drive your car or scooter.

You can also walk or bike over to Duval Street(5 minutes); or go down to the shops on White Street like Faustos or go to the Island Gym and watch me lift weights in the early morning (2 minutes): or you can grab a cafe con leche at any of the several neighborhood joints. You can be at the Historic Key West Seaport as fast on your bike as in your car (if you consider parking in your travel time) (5 minutes). And you can be in the Key West suburbs at the shopping centers or leave on a jet plane (we got 'em) at the Key West International Airport, all within a 5 minute drive from 1119 Von Phister. We don't have Conch Trains and motorcycles going through the area. We don't have noisy bars and noisy tourists walking home at four o'clock in the morning singing songs or arguing about how much they love or hate each other. We are so close and yet so far away.

CLICK HERE for more details and photos of 1119 Von Phister Street.

The Curry House - Key West - For Sale

Just Listed: The Curry House Key West. No, not The Curry Mansion. The names sound similar, but the inns are quite different. CLICK HERE to read all about the historic Curry Mansion. It is located just off Duval on Caroline Street near one of the loudest locations in Old Town.

The Curry House, on the other hand, is located just far enough from Duval at 806 Fleming Street to be convenient, but not burdened by the noise and commotion. CLICK HERE to view the website of The Curry House.

This is how the listing realtor describes this listing. "Boasting classic Old Town Key West charm, the historic Curry House Bed and Breakfast offers a unique opportunity to own one of the few B&B's with a commercial kitchen to provide hot meals to guests. Built in 1889, this charming three-story house has 9 guest rooms, wrap-around porches, private verandas, parlor and spacious rear patio opening onto the large heated pool and gardens. Rooms feature hardwood floors, Dade county pine, refrigerators, cable TV, phone, wireless internet, A/C and ceiling fans. Located 3 blocks to Duval Street and the Historic Seaport, this alluring B&B welcomes gratified guests year after year. 8 transient licenses and managers unit. Turn-key operation."
CLICK HERE for more info and more photos of The Curry House.

A couple of weeks ago I wrote about the sale of The Artist House guest house (CLICK HERE). Re-read that blog for more information on transient license issues on guest houses in Key West. The Curry House is listed for sale at $3,200,000 (that is $400,000 per licensed room!). The Artist House sold on August 15,2008 for $355,000 per room.

I used to own a guest house, and I know the business. That is why I am perplexed by the asking prices of all the guest houses listed for sale in Key West at this time. CLICK HERE to see the guest houses currently available for purchase. In my opinion a guest house is a business. Anyone who buys a business expects to make money and have it be profitable. I do not think any of the properties on the list above can justify the asking price. But that is just my opinion. People who buy guest houses are buying jobs and buying a lifestyle. They are buying into the idea of being like Bob Newhart, operating an inn, and living in Paradise. If only life were that simple.

1601 Patricia Street Key West - Short Sale Opportunity

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 is now offered as a short sale. The list price is $695,000 or $404 per sq. ft. Shop and compare. I don't think you will find a better deal in that price range.

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. CLICK HERE for more info and photos on 1601 Patricia.

Not surprisingly the house next door at 1609 Patricia Street is also for sale. It is priced at $850,000 for the 2 bed 1 bath home of 950 sq ft. The asking price equates to $934 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 an important factor 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 Houses in Key West

It's that time again. Time to roll out the list of Bank Owned Single Family Homes for sale in and near Key West. CLICK HERE to look at the list of active single family homes. Some are "challenged" and a couple actually look really interesting.

I used to manage the Special Assets Department for a bank in Denver. We had our share of bank foreclosures. Banks don't want them. A lot of lenders have been doing some aggressive restructuring in the form of short sales to limit the amount of new foreclosures. But there will still be more foreclosures for some time to come.

One of the reasons for some of the foreclosures in this post is the location of the houses or the condition of the houses. Some of the properties are located in areas that took water during Hurricane Wilma. Buyers have to buy the property in an "as is" condition and I think a lot of prospective buyers are fearful that a property that flooded once will flood again. Wilma was a catastrophic event and the flooding that occurred was totally unexpected based on previous history. At least that is what I have been told. But the fear factor is keeping some of these houses from being purchased. I assume there is a price where prospective buyers will feel the price is worth the risk.

Some previous owners have made the sale of bank foreclosures a bit more difficult as well. Several of the properties I have seen (including some on this list) have been cannibalized. Cannibalized means that someone has taken appliances, light fixtures, air conditioning systems, kitchen cabinets, etc. I guess the former owners think they paid for the stuff and they wanted to take some memento to remember their former home. Yea, that or sell the stuff and make a few bucks.

On a lighter note I would suggest that potential buyers look at 1525 Niles Channel Road ($999,900) with awesome open water views, 4 Go Lane in Key West ($990,000) located on an active Key West canal with easy deep water access [photos to the Right are of Go Lane], and 67 Bay Drive on Saddlebunch Key ($583,900) which is affordably priced and it also has open water views. [The mls listing info is not correct on Bay Drive. The price of $583,000 is correct as of 8-26-2008.]

These properties are vacant and easy to show. If you would like to see one and maybe get a good deal on a bank foreclosure please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

Ocean Front Condo - Key West

Attention Maties! There is treasure to be found in this sweet listing of Unit 421 in the new Beachside Resort. People that read my blog know I don't just hype things. I try to get people to consider options when they are looking at purchasing a permanent home or a second home or income property in Key West. Not all jewels are located in Old Town. If you are looking for a condo with two transient licenses, this gem may pique your interest.

Here are the details: Unit 421 Beachside Resort is a 1357 sq ft a 2 Bedroom 2.5 Bath, type A floor plan with lockout feature & 2 transient licenses for optimal rental potential. All of the finest amenities including designer furniture package grace this 2nd floor luxury condominium situated in building 4 with a pool & courtyard view. Beautifully appointed floor plan with gourmet kitchen overlooking comfortable living room & spacious covered balcony. Endless on-site resort amenities include private beach, heated waterfront pool, spa, poolside bar & grill, valet parking, concierge, optional on-site management, gourmet restaurant & the island's largest conference center. CLICK HERE for more detailed info on Unit 421 and additional photos. CLICK HERE for info on the Beachside Resort. This website will draw heads to your beds, so it is important to see how well this property is marketed.

Unit 421 is priced at $699,000. That is $511 per sq ft. Experienced lookers know the price of everything in Key West. You know that $699,000 is an incredible price. But for those who are not so familiar with prices, CLICK HERE to see the list prices on the remaining units at Beachside. Unit 421 beats every property offered. When this unit sells, and it will, there will be no more priced like it. This is a deal limited to one buyer only. When it is sold, there will be no more--at that price. That does not mean the other units are priced too high. Every unit is different in size, layout, and location.

I suggest that seasoned shoppers look at this unit and compare what you will get for your dollar versus a similarly sized unit at 1800 Atlantic or a much small unit at Truman Annex that is priced similarly. There is no comparison. This property wins. True units at Truman Annex are very close to the rock and roll of Duval. And 1800 Atlantic has a loyal group of vacationers that return year after year. But Beachside is new and far from the madding crowd.

Would you like to see the Beachside Resort and test my theory of value? Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. This is an exceptional property at an exceptional price. Maybe you are the exceptional buyer who will grab this little gem.