Key West - Bank Owned - Sunset Marina Condo

Two Bank Owned units at the Key West Sunset Marina were listed for sale on the exact same day last week. Both are on the same floor but each is located in a different building in the same complex and one is slightly larger than the other. I'll leave to the reader to decide if you find either of the two Bank Owned properties to be a "deal". I know some reader is already to proclaim nothing is a deal in Key West. But for those willing to look and consider, your opinion may be different.

Sunset Marina is located on the western edge of Stock Island, the island just before Key West if you are traveling by car. Stock Island has trailer parks, tattoo parlors, a Burger King, a great Mexican restaurant, a community golf course, a bunch of cheap condos, the County Jail, a trash transfer station, the impressive Sunset Marina itself with slips both small and large, and four relatively new and structurally solid condominiums developed in conjunction with the marina.

The four buildings were built in 2001. The private entry is gated and beautifully landscaped. All units are accessed for an exterior open air balcony that looks towards what locals call "Mount Trashmor". That is a now defunct landfill that has been landscaped. It is there forever and if that bothers you, don't read further.

The units are all pretty much the same as far as layout and size. Units located higher in the building or further toward the west tend to be priced higher. But pricing of real estate is pretty much a locational consideration in most sales isn't it.

5603 College Road, Unit 303 C is bank owned and is offered at $479,900 or $449 per sq ft. CLICK HERE to see more photos and info on this unit. Don't let the photos dissuade you from looking. The views are incredible.

5601 College Road, Unit C 303 is also bank owned. It has 1024 sq ft and is offered at $399,000 or $390 per sq ft. CLICK HERE for more info on this unit. Sorry, the listing Realtor forgot to include photos.

CLICK HERE to take a quick look at all of the units currently available at Sunset Marina Condominiums. If you are looking for a deal, perhaps one of the two bank owned units may work for you. Another unit is offered as a short sale, so you might get lucky and get a sweet deal on that unit. But there are a couple of penthouse units that may lure you to the top floor. The views at Sunset Marina are what would-be buyers dream about. The complex has a beautiful pool, a clubhouse, covered parking for your car and golf cart. That comes in handy because the Key West golf course is located right across the street. But your house doesn't get hit by errant golf balls. If you have a boat, the marina is the perfect Key West spot to make your second home.

If you would like to see one of the bank owned units (or any other property), please call me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com.

712 Love Lane - Old Town - Key West

Wanna be a famous writer? Buy this charming sawtooth house at 712 Love Lane in Key West and perhaps some of the greatness of the literary giants who have lived here may rub off on you.

This is how the listing Realtor describes 712 Love Lane: "One of the island's best kept secrets. This 4 bedroom, 3 bath triple saw tooth shotgun proved inspirational to many. Harry Roberts was the model for Harry Morgan in Hemingway's Key West novel "To Have and Have Not". Bill Wright, Russell Baker, and David Halberstram have all been inspired by this gem, secluded behind the library palm garden. Judith Kazantzis immortalized the home in her poem, Love Lane, Key West''. The main home and separate guest cottage with bath open to the private deck and 9 foot deep heated lap pool with outdoor shower. Cypress shutters and cypress cabinets with travertine tops in the kitchen and dining area. Located off Fleming Street at the end of Love Lane with off-street parking."

712 Love Lane was just listed for the asking price of $1,250,000 for the 4 bedroom, 2 bath home of 1462 square feet that sits on a 3766 sq ft lot. Before the disbelievers start complaining about the asking price I would like to say that this place is like several really specially properties in Old Town: There are many houses in Old Town. But only one like this. CLICK HERE for more info on 712 Love Lane. And who wouldn't like to have a mailing address of Love Lane, Key West,Fl 33040?

If you are looking for a special place in Key West please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. You don't have to be a writer to buy in Key West. All you need to do is sit back and enjoy life on the slow lane........

Key West Beachside Ocean Front Condo

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 and courtyard view. Beautifully appointed floor plan with gourmet kitchen overlooking comfortable living room and spacious covered balcony. Endless on-site resort amenities include private beach (inviting hammock supplied), heated waterfront pool, spa, poolside bar and grill, valet parking, concierge, optional on-site management, gourmet restaurant; and the island's largest conference center.

CLICK HERE for more detailed info on Unit 421 and additional photos. This place is super high end. You walk in the front door and it is like walking into an ante room of a Ritz Carlton. High ceilings, crown molding, massive wood doors, polished brass fixtures, marble floors, high tech kitchen, elegant bathrooms, luxurious bedrooms, quiet: these are among the features of this and every unit with the designer furnishings that are included in the asking price.

There are two transient licenses. One bedroom is entered right off the formal entry. It can be legally rented as a "hotel room" on a nightly basis or as part of the entire unit as a two bedroom condo. Or both units could be rented separately.

Unit 421 is priced at $599,000. That is $441 per sq ft. Experienced lookers know the price of everything in Key West. You know that $599,000 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.

8 Passover Lane - Key West - Story Book Cottage

I have often written about the virtues of living life on one of the slow lanes of Key West. Well, 8 Passover Lane is about the slowest of the slow lanes as possible. It is so slow that it is really just walkway about 6' wide that provides access to the three cottages on the lane. I can see some readers thinking Gary must be nuts. But read on.

This is how the listing Realtor describes the home: "Absolutely perfect story book cottage in one of the most desirable locations in Old Town. Step onto the rocking chair front porch and open the front door to the main level open floor plan with a large living/dining room and beautiful kitchen with custom cabinetry, granite counter tops and stainless steel appliances. Also on the first floor is the master suite w/vaulted ceiling, master bath and French doors to the rear deck,a cozy study/bedroom with built-in day bed and adjoining full bath with French door to private outdoor shower. Upstairs is a large guest bedroom with sitting area and half bath. Outdoors is a nice sized yard with heated small dipping pool and tropical landscaping. Beautiful turnkey property in absolute pristine condition."

Every once in a while a listing Realtor will refer to a new listing as a "quintessential Key West cottage" and that is exactly what this property is: the most perfect embodiment of the Key West cottage. I describe it this way: you walk down the little lane and spy the mystical mailbox notifying you that you have arrived at 8 Passover Lane. You look to the front porch where you see the sign that you have indeed arrived "Paradise Found". Then you see the rocker on the front porch inviting you to seat yourself. Then you open the front door and enter into another world. A world far from the madness that has become the daily life up north in America. The place is done to a Tee, but not over-done. You just feel at ease. At home. In fact there is a sweet little sign over one of the doors that says it all Home Sweet Home. There isn't anything cookie cutter about this cottage. Everything, every view, every last detail is unique.

This two story dream house can be yours for $749,000. It is 1120 sq ft and sits on a lot that is 2349 sq ft. So the asking price equates to $669 per sq ft. They didn't make a lot of these cottages. In fact this is the only one. That's why it is so special. So desirable.
CLICK HERE for more detailed information on this charming two story cottage and additional photos. But understand you must see this living doll house to appreciate it. There is not another like it in Key West. Not at this price, anyway. There are some equally charming homes, but they are all priced much, much higher.

Want to see this property? Please call me, Gary Thomas, 305-766-2642, or e-mail me at kw1101v@aol.com. This is the place everybody dreams about. But only one person gets to own it. Maybe that person will be you.

For the Disbelievers

I like it when people make comments on the blog. I know people are reading that way. But I wonder how many individual commentators there are. Sometimes a post of mine will generate several comments that all agree we are in a world of doom and gloom and that only fools would buy in today's real estate market. They declare that asking prices are way too high, sales are way too weak, and that disaster is on the horizon.

I have heard many fellow Realtors predict that we only have a few more months of slow sales before the market turns around.

I do not believe in the doomsday theory of real estate. And I don't think we are nearly over the hurdle, at least nationally. I read the Monroe County Clerk's website and I can see that attorneys for foreclosing lenders continue to post lis pendens against borrowers every day. So I know that the foreclosures are not about to stop.

Some disbelievers argue that prices in Old Town, the area that historically drives the real estate market in Key West, are too high for locals to afford. That has been true for about two decades. It is not going to change. But the same disbelievers disregard the fact that a lot of houses that are selling are very well priced.

I just created a list CLICK HERE of single family homes in Key West with at least two bedrooms that are offered at $400,000 or below. Checkout the list. There are some nice houses there. And the offering price is just that. Any reasonable seller expects to negotiate a price or terms acceptable to both the seller and buyer.

At least six of the houses on the list are bank owned properties. That means that the emotion of selling is gone and that the person making the price decision is looking at numbers. Sometimes the bank asset managers get it right. Sometimes they don't. If property sits around too long, somebody is not doing their job correctly or there is something dreadfully wrong with the property.

Local buyers looking for a family home in Key West that want to take advantage of some of the perks some bank owners are offering should specifically look at these houses: 1026 12th Street, 1008 18th Terrace, 3041 Flagler Avenue (it's a great deal), 1617 Duncan Street, 2918 Flagler Avenue, and 309 Julia Street.

Most second home buyers prefer the Old Town, Casa Marina, and The Meadows areas over Mid Town and New Town. Let the second home owners pay more per square foot for a smaller home and a small lot. Locals can then buy the larger properties with bigger lots at cheaper prices. Prices are down and interest rates are now at about 5.5% or less for 30 year fixed rate loan. (Source: Quicken Loans Dec.3, 2008)

If you are thinking of buying a house in Key West, now is a good time to look. There are a lot of desperate sellers. Banks are looking to move assets off the books by the end of December. Remember, with banks it is only numbers. CLICK HERE to search the Key West mls and find the house that you want to make into a home, and then, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Let me help you find your place in Paradise. Remember, the Disbelieves don't believe in Santa Claus either.

Key West November 2008 Sale Report

Key West November Sale Report - 2008. That was not a typo. There was one single family home sale in the Old Town area of Key West in November. It was a cute little house on Southard Street that was listed at $599,000 and sold for $575,000. It has a pool and a great Old Town location. The price per square foot was $765. There are those who say a price that "high" is irrational in today's market. Hooey! There are only a few really cute well located single family homes for sale in Old Town. Now there is one less.

I did a quick survey of single family home sales in Old Town during November from 2004 through 2007 to see if the small number of sales this year was an anomaly. You decide: 2004 - 2 average price $710 per sq ft; 2005 - 2 average price $463 per sq ft; 2006 - 3 average price $678 per sq ft; 2007 - 4 average price $524 per sq ft.

I also did a quick survey of contingent and pending single family home sales in Old Town. This includes properties that are shown as "short sales". there are 10 homes in these classifications with an average price of $594 per sq ft.

I share the frustration of some of my readers about pricing. Some readers see the asking prices as being too high and out of touch with reality. Some criticize me for calling some properties good buying opportunities--especially houses in Old Town that may be priced high on a per square foot basis.

Most Realtors I know are showing properties and offers are being written. There are not any high end properties in the contingent or pending categories mentioned above (except for a sale of a U.S. government owned house on Sunset Key priced over $5 million that I excluded from consideration). Most of the high end properties are still priced high on a per sq ft basis. I went through the active and active short sale single family homes priced over $1.2 million. Some are price in the the low $400s per sq ft while some are well over $1100 per sq ft. There are 74 such homes listed for sale with an average asking price of $838 per sq ft.

The very recent reduction in mortgage rates to under 6% is making home purchasing even more affordable when you couple that reduction with the reduce prices we are seeing in Key West. People who are sitting on the fence waiting for the ultimate price/rate meltdown may mis-time the market and miss a great opportunity to buy when they can know exactly what they can get as opposed to waiting until some intervening event changes things again.

If you are looking to buy a place in Paradise, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Let me help you take advantage of today's bargain prices.

Memorable Moments in the Theater

My introduction to the theater perhaps should go unmentioned. But I'll throw political correctness aside to share a very innocent little boy's first appearance on the stage. I think I was in the second grade at Mountain View Elementary in Wheat Ridge, Colorado. (That's the lily white suburb I previously wrote about.) The year would have been around 1955. If I recall correctly I was playing an orphan at Christmas. I remember the play took place at Christmas because Santa was the main character and he was played by an adult.

My part required intensive practice on my dialect. I'm not sure who taught me the phraseology, and I cannot remember the line. I think I had only one line. But it brought down the house as I recall.

I also remember one of the teachers taking the time to apply my makeup. Yep, an eight year old boy wearing makeup.

The play took place right after school and the audience was filled with kids from each grade along with their parents. The play was short. My part was shorter. The teacher had applied burnt cork all over my hands, neck, and face. I was supposed to be a little black boy. I got my line out and the audience roared.

Key West has a very active theater crowd. There is always something going on at The Red Barn Theater, The Waterfront Playhouse, or The Tennessee Williams Theater. And there are occasional performances at The San Carlos Institute and the Key West High School. I just received a pamphlet in the mail announcing the 2008-2009 schedule at The Tennessee Williams Theater and was reminded of another memorable moment in the theater.

Like most towns and cities that have active theaters, The Nutcracker is a annual tradition in Key West. I remember a very special performance that will never fade from my memory. What I write is true. You can't make up a performance like this. It was 1994 or 1995 as I recall. The performance was the first night at The Tennessee Williams Theater and the Founders' Society party took place afterward. The Nutcracker's production company was from Miami.

The music began, the curtain went up, and several ballerina maids with feather dusters started "dusting" a sofa in the middle of the stage. They dusted and dusted for eons and eons. Tedium set they dusted so long. Finally, some other character appeared on the stage and the performance got started. But after a few minutes the music started to roll out as if in slow motion. You see, the music was on tape. And the tape recorder was not playing properly. The music eventually stopped and someone wearing a suit walked onto the stage and announced there was a mechanical malfunction that would require some time to repair. There was a break of maybe fifteen minutes or so.

The tape was repaired and the performance started anew, right from the very tedious beginning with all that feather dusting. Everything went like clockwork for the rest of the performance. That is until the very end. In the last scene the handsome prince lifts the principal ballerina up above his head. Well, he did. But he was standing on a piece of her costume. It ripped. And that brought down the house. It was like something in the movies, except it was not scripted or intended. It was just a most excellent end to a mediocre production of a Christmas tradition.

This has absolutely nothing to do with real estate other than the fact that if you live in Key West you can see great community theater and some wonderful road shows at The Tennessee Williams Theater all year long. CLICK HERE to see what's happening in Key West this season.

After Thanksgiving - Open House Saturday - 4:00 to 6:00 PM

Preferred Properties CRI is hosting an Open House on Saturday between 4:00 P.M. and 6:00 P.M. Stop by 416 Elizabeth Street and 712 Southard Street and 1110 Curry Lane to view four beautiful Conch homes with great Old Town locations.

416 Elizabeth Street is a rather unassuming property consisting of two houses and one cottage with six en suite bedrooms and seven baths. Built circa 1873, the historic main house features a peerless restoration, with details such as polished hardwood floors, with the original windows and doors restored. A veranda overlooking the swimming pool and lush grounds is carefully built around an ancient Spanish lime tree. A galley kitchen includes stainless-steel counter tops and appliances and custom cabinets. This historic gem is a classic example of the casual, yet elegant, indoor and outdoor living lifestyle for which Key West is famous. Thomas McGuane, known for his "92 in the Shade" and "Panama", resided at 416 Elizabeth St. CLICK HERE for more photos and info on this elegant property.

712 Southard Street is a beautifully appointed shotgun style Conch Cottage on the best block in Key West. The house has two nice size bedrooms and bathrooms, a great new kitchen with cathedral ceiling that opens onto the glass tiled kidney shaped heated pool surrounded by tropical landscaping. And it is located only two blocks from world famous Duval Street. CLICK HERE for more info and photos of 712 Southard Street.

804 Elizabeth Street is a classic Eyebrow house with sawtooth additions has two driveways. It has been recently renovated with new kitchen, baths, ac/heating systems, and upgraded plumbing and electrical systems. The ceilings have been vaulted in the dining room and den and there is a new heated swimming pool. And there are two off street parking spots. CLICK HERE for more info and photos of this beautiful home.

1110 Curry Lane is located on one of Key West's hidden lanes between Fleming and Southard Streets and sandwiched between White and Frances Streets. The lane is only one block long and it has several ultra sweet homes like this one.

Please join me, Gary Thomas, at 712 Southard Street and my fellow Realtors at 416 Elizabeth Street to view both of these charming Key West homes just before the sun sets and the evening begins. You will get a chance to see how wonderful life can be in your own Key West Conch House, whether it is a cottage or a great house.

Another Missed Boat in Key West

I don't want to be an "I told you so!" Wait a minute, that's exactly what I want to be.

Back on August 28th I notified my dear readers about one heck of a house at 1601 Patricia Street that had been previously listed for $1,195,000 whose owner dropped the price to only $695,000 and was offering the house as a short sale. I showed the house the same day to two different potential buyers both of whom loved the house and the price. But they could not decide that day. READ what I wrote then.

Good deals do not last long in Key West. The house went under contract a couple of days later. Something went astray and the property went back on the market On September 29th. I notified everyone again that this particular house was a genuine buying opportunity. That was two weeks after the Wall Street "bailout" was the "crisis" du jour. However, there was one smart shopper who anted up and made an offer that the seller accepted. The beautiful house at 1601 Patricia closed yesterday for $650,000 or $378 per sq ft for a super clean 3 bedroom, 2 bath home, livingroom, dining room, office, new kitchen, separate pantry, beautiful landscaped yard, pool, spa, storm shutters, and a real nice neighborhood near the beach. CLICK HERE to see what you missed.

I know just about everybody is really nervous about the economy right now. The talking heads on TV do their best to keep everybody worked up all the time. They have to feed the need to watch their channel for "BREAKING NEWS". Fix the damned news, I say. Stop scarring the crap out of everybody. The world is not going to end. We will get through this mess.

Remember three years ago after Hurricane Wilma when us Key Westers all shared in the misery of our fellow neighbors. It's all better now. The junk got hauled away. The green came back. The island is more beautiful than ever. The weather is still great. And the tourists come back every year to give us their money.

Right around the same time the talking heads on TV were scarring us about Avian Flu. Remember? Whatever happened to the dire forecast? Why aren't we all dead, or at least sick?

Don't miss the opportunity to buy while prices are very low and some people are selling their places at sacrifice prices. CLICK HERE to search the Key West mls to find your place in Paradise. Then, please call me, Gary Thomas, 305-766-2642, or e-mail me at kw1101v@aol.com.

1209 Olivia Street - The Meadows - Key West - Short Sale

Back on the market: 1209 Olivia Street located in The Meadows Area of Key West, Florida. The new and reduced asking price is now just $749,000 for this 1522 sq ft story and one-half 2 bedroom 2 bath home with a pool and off-street parking. There is even a small pool side cottage to boot. The lot is 3589 sq ft. The house sits on a block with some very nice (and expensive neighbors). The house across the street is on the market for $4,490,000. CLICK HERE, HERE, & HERE to see photos of the neighboring homes.

This is how the listing Realtor describes the house at 1209 Olivia now: "Desirable Meadows single family home totalling 2 bedrooms/ 2 bathrooms plus small pool house. Heated concrete pool, off-street parking, resurfaced wood floors, new bathrooms, central a/c, Chicago brick patio, new decking around pool & recently painted both inside and out. Enjoy covered outdoor dining, laundry room/ pantry off updated kitchen and an open floor plan. Strong monthly vacation rental history at $6300.00 per month. Property needs some TLC as house has been vacant for several months."

1209 Olivia is priced at $492 per sq ft. I can report that a nearby bank owned house sold in August 2008 for $576 per sq ft. It was a smaller house and was nowhere as near as nice as this house. So I think the pricing on 1209 Olivia ought to entice some bargain hunter. CLICK HERE to see more photos and written info from the listing Realtor on this house.

If you would like to see 1209 Olivia Street, please call me, Gary Thomas, 305-766-2642 to schedule a showing. The house is vacant so it is easy to see. But please see it with me.