Little Big Short Sale -- Old Town Key West

I try to let readers know about properties that I think are potentially good buys in these difficult times. Such is the case of 412 Louisa Street. For those who are not familiar with Louisa Street, it is located one block north of United Street and runs from Bahama Village east to Grinnell Street.

The cute little two bedroom Conch Cottage at 412 Louisa Street is offered as a short sale for the already low price of only $425,000 or $567 per sq. This is what you can get: a topical getaway with a pool. The Conch style home has two bedrooms each with en-suite baths. It is 750 square feet on a 2457 sq ft lot that is located less than a block from upper Duval Street in Old Town. The living area is an expansive great room (kitchen and dining area included) with vaulted ceiling with French doors that open onto a covered deck, outdoor dining area and a nice sized pool. And there is brick paved and gated off-street parking.

This property was under contract as a short sale. The "buyer" recently pulled out of the short sale. The appraisal was done this present week. That means the lender has this particular property in the zone to get a deal done within a relatively short period of time. I encourage buyers who are looking for properties of this type to seriously consider this house. Let me add a final comment. This house was previously listed by one of the Top Agents in Key West. The asking price was $985,000. Our office (preferred Properties) currently has the house next door at 412 Louisa Street on the market. It is priced at $799,000. CLICK HERE to see our listing.

CLICK HERE and CLICK HERE to see a couple of photos of this charming little street and see the types home that make up this little neighborhood.

CLICK HERE for photos and more detailed information on this big deal on a short sale in Old Town Key West, Florida.

I don't think this little gem will last very long at this price. Please give me, Gary Thomas, a phone call at 305-766-2642 to schedule a showing--preferably to see both 412 and 414 Louisa. Act now while the opportunity is available.

Some Neat Key West Condo Short Sales

I just did a quick search of the Key West mls to find condos and townhomes on the Island of Key West that are offered as short sales. There are 76 such sales available as of this morning. A short sale occurs where the seller offers to sell the home for less than what he or she owes to the lender, and the lender agrees to accept this amount and "forgive" the remaining balance.

There have been a bunch of short sales in Key West over the past year and the lenders and local Realtors are getting better at managing these sales on all sides. (Thanks to the other professionals like the title companies and local real estate attorneys that are shepherding these sales through to completion.)

I selected several properties to consider. I like these units because of location, value, potential future value, and income potential.

Unit 421 Beachside Condos is oceanfront living DeLuxe. You could not ask for a better price, better construction, or amenities. This unit is the least expensive unit available and it is offered at $599,000. CLICK HERE for more info and photos.
It has two (2) transient rental licenses. You can rent the unit on your own, hire a local property management company, or use the services of the Marriott Hotel group that is taking over property management of the other units that participate in the rental program. Or just live in the lap of luxury at a Class A resort.

Unit A 213 at 1800 Atlantic Condos sits at the rear courtyard corner and has a transient rental license. The listing agent reports that this unit is one of the most often rented units in the complex. CLICK HERE for more info on this unit that is offered at $489,000. Future bookings are included.

Unit 32 at the Santa Maria Condominiums at 1401 Simonton Street is a short sale offered at $925,000 for the two bedroom 2 1/2 bath unit with transient license 1/2 block from the Atlantic Ocean. CLICK HERE for details. Guests have beach and other privileges at the Reach Resort next door. There are 13 units available at Santa Maria. Get aggressive and strike a bargain.

31 Seaside South is located on the far east end of the Island and has views of the Atlantic Ocean from the living room and master bedroom. The unit has an enclosed garage, a private elevator between all three floors, and the place is built like a fortress. There is a small outdoor space where you might be able to add a dip pool or create a nice garden. CLICK HERE for photos and more info on this unit offered at only $619,000. The furniture is not included but may be purchased separately.

How about a two bedroom unit on Solares Hill on 709 Windsor Lane priced offered at only $449,000? CLICK HERE for photos and more details. This place is located right in the heart of Old Town so you are near everything but far from the noise makers. And it has a cocktail pool to boot.

809 Washington Street Unit 101 is offered at $1,150,000. CLICK HERE for photos and detailed info on this newly constructed town home in the heart of the Casa Marina Area. The town home is a spacious 1876 square feet on three floors and has its own private pool and garden area. Great details throughout the home and the location make this worth the look.

Remember that the asking price on short sales is the same as any other property. And in today's volatile market, the sales price is often much less. Most of the units I selected can be rented as vacation rentals or as transient rentals. This could provide some cash flow to help make the purchase more affordable--in case that matters.

CLICK HERE to perform your own independent search of the Key West mls to find the potential deal in your future. Simply identify the type of property you want to find, the geographic area, the price range, and any more specific features you want. Remember that people create the input and sometimes people omit some features. So it may be advisable to be more lenient on features or size and more generous on price just to expand your potential search.

If you would like more information on any of the condos shown above please contact me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Let me help you find your place in Paradise. And hopefully save a whole lot of money in the process!

701 Elizabeth Street - Heart of Key West

I have written about 701 Elizabeth Street before. What I said then stands. Except now the property is better. The new asking price on 701 Elizabeth Street is $750,000 or $410 per sq ft. The house was designed by Tom Pope and built in 1984 by Erik deBoer. Locals know both names as among the tops in design and construction. The house has 1830 sq ft of living space and sits on an odd shaped lot of 3520 sq.ft.

The new listing Realtor describes the property this way: "Excellent location on top of Solares Hill with a flexible living plan. The main portion of the property has 2BR, 2BA and beautiful reclaimed pine floors, large windows with louvered wooden shutters for easy light control and storm closure and an open living plan. There is a private covered porch and pool in the rear of the property. The smaller unit is a legal 1BR/1BA rental ideal for guests or income. Off street parking and priced to sell."

701 Elizabeth Street sits at the top of Solares Hill. No need for flood insurance here. But more than that the views from the master bedroom are just wonderful. The house is located two blocks from Duval and maybe three full blocks to the Historic Seaport. Seven Fish Restaurant is two blocks to the south. And there is a neighborhood grocery one block to the east. The Solares Hill neighborhood is filled with really big grand Conch houses and smaller cigar maker cottages, many of which have been renovated into quintessential Key West cottages. But some of the other houses retain there untouched in generations charm.

If you anticipate having a lot of company or more friends once they find out you own a place in Key West, this place may work for you more than you can imagine. The legal three story apartment could serve as an excellent private guest suite for your company. Everything in that unit is separated from the main part of the house. So your company can come and go and buy their own groceries and liquor so that you can live your life uninterrupted.

The new price is a great price on a great house in a really good location. This house has a lot of value, not because of its new lower price, but because of everything it offers. Please CLICK HERE to see more detailed info on the property and see additional new photographs.

Then please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

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.