Key West - Bank Owned - Properties

Believe it or not, there are a couple of pretty nice single family houses that are BANK OWNED and that are now available. CLICK HERE to checkout the properties. (There are a couple of multi-family included because I'm too lazy to do a separate list.) Please take a few minutes and go through the list. There are properties in all Key West locations and in low to moderate price ranges.

If you are looking for a house with a pool, do not skip a property because you do not see a photo of a pool. You need to read the comments or read the mls data sheet. The data sheet should tell the reader whether the property has a pool or not. For some reason some Realtors sometimes fail to upload photos the showoff the finer attributes of some properties. Due your homework and read the list. Drive by the properties if you live in Key West. You may surprise yourself by what you find.

Don't let a street address or a messy front yard deter you from checking out a house if it meets your search criteria. I've been very surprised by a couple of very nice houses on Flagler.

Countrywide owns many of the houses on the above list. Countrywide is offering financing to qualified buyers and is also paying some closing costs on some specific properties. Take the time to find the values and incentives that the bank owners are offering buyers. It's not often that you get an opportunity like this.

Again, CLICK HERE to see a list of single family bank owned homes in Key West.

If you are looking for a building lot or commercial property, CLICK HERE. There is one development lot; a mixed use building on upper Duval Street with commercial space downstairs and transient licensed guest rooms upstairs plus a pool and off-street parking; and a ten unit apartment complex on Stock Island. All are BANK OWNED.

There are only 20 days left for this calendar year. Banks run on numbers. I used to work in a really big bank and one of my jobs was selling bank owned assets. Believe me when I tell you that there is still time left to make a good deal on a bank owned property in Key West. The best time to buy is right now and be able to close by the end of business on December 31st. The reason: it's the end of the quarter and perhaps year end for some banks. The more non-earning assets (foreclosures) they get off their books and turn into cash the better.

Write a real offer. Offer cash and make the offer as clean as possible. If you have to borrow, have your financing pre-approved and be able to move a lightning speed. Most of the civilized world starts to stop working any day now because of office parties and people taking extended days off. If you want a deal now, you are going to have to work to make it happen. But then people who work hard usually end up getting more and better things than those who sit around and carp.

If you want to really buy a place in Paradise and need someone on your side, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

All right, Mr DeMille, I'm ready for my close up.

This is how the listing Realtor describes the new listing at 1023 Johnson Street in Key West's tony Casa Marina Area "Sunset Boulevard in the Casa Marina. I am ready for my close up, Mr. De Mile, says this vintage 1938 deco-style home. The major systems are updated. Kitchen and bath upgrades will make the property a show stopper! Features include free standing garage, plenty of off-street parking, hardwood floors, classical architectural features such as unusual crown molding, deco staircase, original doors and hardware, etc. Plenty of room for a swimming pool. Lovely garden areas. Walk to beaches and Old Town."

This two story 2400 square foot home sits on a huge 7500 square foot lot on one of the best blocks in the Casa Marina Area. The three bedroom two and 1/2 bath home is offered by Preferred Properties CRI at $1,600,000 or $667 per square foot. There is no pool, but the house is located just a little over one block to the beach. And there is plenty of room on which to build a pool and more. CLICK HERE for interior photos and more information on 1023 Johnson.

Earlier this year I wrote about the bank owned property next door at 1021 Johnson Street. That house sold for $1,500,000 or $564 per sq ft. It was on the market for a long time and was starting to show the signs of REO neglect. The pool was drained, there were the remains of a dead snake in the yard, and the neglect drug the price down in my opinion. Plus the buying public knew the house was bank owned so the buyers were looking for payback.

But there are several houses within 300 to 400 feet from 1023 Johnson that support an even higher asking price even in this depressed market. I wrote about the recent sale of 1101 Casa Marina Court, the manse once owned by author Phil Caputo. It sold during the summer doldrums for $4,650,000 or $1,055 per sq ft. 1028 Flagler Aveune sold October 15, 2008 for $1,637,500 or $518 per sq ft. Great house but the sales price suffered because it was on Flagler. One block to the west of 1023 Johnson is another house I wrote about several months ago, 906 Johnson, listed at $3,595,000 or $966 per sq ft.

This part of Casa Marina has some really fine homes on large lots. These houses are not going away and the property values are not going to plunge because of a momentary burp.

If you would like to see 1023 Johnson please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. If the house on Johnson is not what you are looking for but you are looking to purchase a place in Key West, give me a call. I am the Realtor to the Dreamers. "All right, Mr. DeMille, I'm ready for my close-up."

Oceanfront - Short Sale - Key West

21
Boulder Drive on Saddlebunch Key is a beautiful recently renovated oceanfront Key West home features a state-of-the-art gourmet kitchen, walls of glass overlooking the sea, and waterfront verandas on two levels. This 1562 sq ft home has 3 bedrooms and 2 baths upstairs plus a downstairs patio with a 3rd full bath. This property is now offered as a short sale at the incredible price of $699,000 or $448 per sq ft. The prime location is near exclusive Little Palm Island resort, spa and restaurant and just a 15-minute drive from the historic sights and downtown nightlife in Key West. Fishing charters and boat rentals are very close by, and swimming, snorkeling, and dock fishing is right outside your door. But the real joy is being to go home at night, grab a "beverage", get in your boat and head out to sea. The guy who lives across the street from 21 Boulder told me that he loves the location for its quietness, its access to the ocean, and his great neighbors. Sounds good to me.

Walls of glass look out over the ocean from several seating areas. The central living area has an open floor plan adjacent to a new open-air kitchen with granite counter tops and state-of-the-art appliances and entertainment features.

The master suite, with private bath and glass-enclosed stone-tile shower, opens onto a large deck overlooking the water. On the other side of the living area, there is a comfortable dining room that also includes an ocean-side seating area and an enclosed porch and open deck leading down to the lawn. The main level also has two additional king bedrooms and a second bath with tiled shower.

Outside, extensive professional landscaping presents a lovely tropical setting for alfresco dining and entertaining by the water. There is covered parking for two autos and the view is just priceless. The front drive and entry are equally beautifully landscaped. It seems to me that many of the waterfront homes are landscaped with pearock and a couple of coconut palms. This place is just the opposite. The landscape was thoughtfully designed and professionally executed. The result is like living in a park.

The dock includes a convenient boat davit and a classic rebuilt tiki hut - just the place for casting a line or sipping a cool drink in the shade.

This is an exceptional private waterfront retreat that is close to the exclusive Little Palm Island resort and just a short drive from downtown Key West nightlife and historic sights. CLICK HERE for more detailed information on 21 Boulder Drive and more photos of the interior and the grounds.

This house is a delight to show. Please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com to schedule your private showing. Remember,this is a short sale that may require the approval of third parties.

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.