I told you so.......

This blog entry is for you disbelievers and prophets of doom and gloom, more toil and more trouble. It is also for you dreamers who want to buy a place in Key West but who fear that we are not at the bottom of the market.

I thought it would be interesting to see how many properties that I have mentioned in my little blog have actually closed since January 1, 2009. I used the Key West mls database and found that there were 46 closings to 8:30 AM today, February 18.

Here then are the houses that got away:

5601 College Road, Unit C 303 that sold for $399,000. CLICK HERE to see the unit. This sale may actually be good news for you undecided buyers. Unlike the other houses below, there are more of this same type of unit for sale now. This sale probably set the current watermark on pricing at this location. I know some don't like the location. Don't go there to look then. But the buildings are about 15 years newer than 1800 Atlantic and all have direct water views from the balcony with no noise from any nearby road.

525 Margaret Street, hidden Old Town two story house thoughtfully redone. Originally priced at $699,000 and sold for $500,000. CLICK HERE to see this beautiful home.

701 Elizabeth Street right at the top of Solares Hill that sold for an incredible price of $695,000. (Originally priced at $1,579,000.) CLICK HERE to see what you missed dearies.

3 Pinder Lane Old Town. This is absolutely one of the sweetest places I have ever been in my life. I loved this cottage. Everybody I showed it to loved it. It did not have parking, the bedrooms and baths were small, but this place is just magical. CLICK HERE to see the house that originally was offered at $1,390,000 and that sold for $900,000.

716 Olivia Street the Arts & Crafts house that needed just a wee bit of finishing sold in just about one day after a bank foreclosed its mortgage. The original asking price was $2,895,000. The bank owner asked $999,999 and it sold for $1,025,126. CLICK HERE and weep.

With the exception of the condo at Sunset Marina I think you would agree that each of the houses whether big or small is unique. They don't make any more of them. When they are gone, they are gone.

If you are looking for a place in Key West please consider using me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Let me help you find your place in Paradise. Don't live your life regretting what you could have done. Do it.

Key West Condo & Townhouse Short Sales - 1

It is that time of the month again to haul out the unsold Key West Condos and Townhouses that are offered by the sellers as "short sales". Just so nobody thinks that I am misleading the Public into thinking these are my listings: they are not! These are all listings in the Key West MLS that you can search on your own. CLICK HERE to search the Key West mls to your hearts content. There are many good deals out there and I encourage buyers to invest some time in separating the deals from the "no-deals".

The group I am providing today are units in the Old Town, Casa Marina, the Meadows, and the Midtown areas. CLICK HERE to see the units. They are listed alphabetically by street. Spend the time and compare pricing per square foot, amenities offered, age and quality of construction, and monthly or quarterly management fees. Each property is different from all others so you have to do your homework to figure out the price and location that may work for you.

Some of the units have Transient Licenses. Those units without a transient license may be legally rented as a monthly vacation rental. There are rules that govern different areas so let's just say look for the property that you like and then figure out what type of rental opportunities may be available to you if you decide you want to rent your unit.

I will do another list of condos and townhouses in the burbs of Key West in a couple of days.

Let me encourage serious buyers to take the current downturn in the market seriously. I think there are some good buying opportunities on some nice properties. If you see something you like, make a serious offer. The better your offer, the more likely you are to get it accepted by both the seller and the lender(s). Turn the downturn into an investment opportunity for yourself.

If you happen to see a property that appeals to you, please call me, Gary Thomas, 305-766-2642, or e-mail me at kw1101v@aol.com and ask for more information.

825 Southard Street - Old Town - Key West

Recently listed you will find this genuine Conch House at 825 Southard Street right in the smack dab middle of Old Town Key West. This is how the listing Realtor describes this property:"Great location, bones, and footprint characterize this historic property which has tall ceilings, offstreet parking, and a capped cistern which could become a dipping pool. Built w./ Dade County Pine, this renovation project awaits your creative magic."

Back before Christmas I wrote about a nearby neighboring house at 811 Southard Street. CLICK HERE to see the very beautiful house located a couple of doors away. And 811 Southard isn't the only nearby beauty. Southard Street is rich is historic homes that have been restored to the original beauty, and there are some houses like 825 Southard Street that are crying for attention.

Many people over the years have said they would like to find a nice re-do in a good location. I normally tell buyers to be cautious about such an adventure. Because re-doing a house anywhere is time consuming and costly. But if you are a buyer aching to show off your creative nature, this house may be your ticket to the Big Show. And the asking price on this house is only $525,000.

The listing agent told me that the small cottage (CLICK HERE)at the left rear of the main house is not part of this real estate parcel. It is owned by a different party. However, she encouraged me to find a buyer who wants both houses because a two parcel contract may be possible.

CLICK HERE for more details and photos of this 825 Southard Street.

If you are looking to find a house in Key West please consider using me as your scout. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

610 Olivia Street - Old Town - Key West

This is how the listing Realtor describes the property located at 610 Olivia Street: "This renovated home is located just one block from world famous Duval Street in Historic Old Town Key West.Walk to clubs, restaurants, shopping and museums. Property is currently configured as a duplex with each unit offering one bedroom, one bath, central air conditioning, washer and dryer, dishwasher, range, refrigerator and one unit furnished. Off street parking and a large fenced yard with room for a pool are just a few of the amenities offered on this cozy cottage."

Two years ago (at my former real estate office) we had the properties next door to the east on the market where I hosted several open houses. Both houses sold to the same purchaser. The house at 612 Olivia and 616 Olivia sold to one buyer for the the combined price $4,850,000. The properties directly across the street from 610 Olivia are part of the Paradise Inn. I refer to the view across the street as being similar to Wisteria Lane on Desperate Housewives because the view is just perfect. That activity did not stop one buyer from spending a lot of money for a truly great residence.

610 Olivia is located just one block east of Duval Street. There are several notable restaurants nearby including Seven Fish and Pisces. And tons more. South Beach is about a five minute walk to the south.

I think this house at this location could work well for a buyer looking to purchase a second home in Key West that could be rented occasionally as a monthly vacation rental. There is room at the rear to add a good sized pool and add some needed landscaping. There is a large side yard that already provides ample off street parking.

The cute house at 610 Olivia Street is 875 sq ft and sits on a 3385 sq.ft. lot (91' x 37'). The new asking price is only $499,000 or $570 per sq. ft. As presently configured, the property has two bedrooms and two baths. CLICK HERE for more detailed information on this cute house and many more photos.

If you are looking to purchase a second home in Key West, please consider using me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com to help you find the home of your dreams. I think you could do worse than have a neighbor that spent almost $5 million located right next door. Maybe that neighbor thinks the location is as charming as I do. And hopefully that you will too.

1401 Pine Street - Key West - Former Home of a Literary Giant

"John Dos Passos, author of the U.S.A. trilogy and many other works, first visited Key West in the 1920s and told his friend Ernest Hemingway about the place. During the winter of 1934, Dos Passos and his wife lived in this house at 1401 Pine St., then the outskirts of town." So says the Key West Literary Seminar. And author J. Willis Burke reports in 'The Streets of Key West' "No doubt, John dos Passos, who lived at 1401 Pine during the 1930s, made the fifteen minute walk (to downtown Key West)often. After one nocturnal amble, he arrived at Hemingway's house and met his future wife, Kate, for the first time. Perhaps it was kismet: "Dos" had, after all, been the one to suggest to "ole Hem" give Key West a try if he was looking for a warm place "to dry out his bones."

Last year I wrote about the home at 719 Windsor Lane that another literary giant, John Hersey owned with his wife. I have shown it to two published authors, both of whom loved the place. It is still for sale. CLICK HERE for information on 719 Windsor Lane. It is a simple little house the likes of which almost does not exist anymore.

This is how the listing Realtor describes 1401 Pine Street "Charming conch home in quiet Old Town neighborhood. French doors look out to private pool area. Original fresco murals. Wood floors and Dade County Pine walls through out. 3 bedrooms plus large attic sleeping area." CLICK HERE to read more info on this house but you really have to look at the incredible photos of the interior and pool. This is the kind of place that might inspire you to become a literary giant in your own right.

There is something about a simple Conch House that brings most people down from their lofty perches to appreciate the everyday life in Key West.

The house at 1401 Pine Street has 1868 sq ft of living space consisting of 4 bedrooms, 3 baths and is offered at $995,000 or $533 per sq ft.

Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com if you would like to see 1401 Pine or any other house in the Old Town Key West area. Writers welcome. But you are not allowed to critique my writing. Please.

Key West - Open House Event - Sunday 12-4 PM

Preferred Properties Coastal Realty Inc is hosting an Open House Event at some very nice homes in various locations in Key West on Sunday, February 8, 2009 from Noon until 4:00 PM. Come by one or all of the Open Houses.

3300 Riviera Drive ($2,895,000) a stunning 3402 sq. ft. home with 4 bedrooms, 7 baths on the Riviera Canal. Pool, two car garage, boat lift, and lots of wow factor. CLICK HERE for more info.

416 Elizabeth Street ($3,900,000) Historic home on one of the best blocks of Old Town. Property includes a pool house w/ bath and a two story guest house by the pool. CLICK HERE for more details and photos.

904 Washington Street ($1,429,000) Mission style Casa Marina Area home renovated with top of the line amenities. Pool, carport, Viking & Bosch Appliances and Gary Thomas as a nearby neighbor. CLICK HERE for more info and pics.

1110 Curry Lane ($999,500) Old Town hidden gem tucked away between White & Frances Streets. Two story 2 bed 2 bath cottage with a pool, off street parking, and lots of charm. CLICK HERE for details and photos.

233 Southard Street ($775,000) Located at the front gate of Truman Annex is this 2 bedroom 2 1/12 bath two story town home in President's Walk. Unit was recently renovated with a sparkling new kitchen with granite counter tops. Ditto on baths.

64 Front Street ($2,295,000) This elegant 5BR/5BA home is located on prestigious Front Street in Truman Annex where every property is a million dollar+ property.
All rooms boast French doors opening onto covered porches. Guest house and pool.

628 William Street ($1,295,000) Splendid heart of Old Town two story home with everything! Meticulously maintained with two bedroom, two baths, den upstairs. Downstairs is a large living area with unique office area overlooking the pool.

929 United Street ($1,395,000) Key West Conch Style home built in 2007. This house has everything and all finishes are top of the line.

927 United Street ($1,425,000) Award winning restoration of an Historic Conch home, originally built in 1933. Owner financing available for a qualified buyer.

CLICK any of the addresses or "CLICK HERE" links to see more information and photos of the featured properties that will be open for your casual inspection on Sunday, February 8, 2009 from Noon until 4:00 PM. Stop by and take a look. Please mention to the hosting Realtor that you read about the Open House on my blog so that we all know somebody is reading it. If you see a place you like, I would really appreciate it if you would let me be your Realtor. Let me, Gary Thomas, 305-766-2642, be your Realtor and let me help you find your place in Paradise. See you on Sunday.

6 Lopez Lane - Old Town - Key West

Some people dream of moving to Key West so that they can live in one of those cute little Quintessential Key West Cottages that all Key West Realtors like to tout. I have reported on many such casas. Other potential buyers seem to feel they need more space and want big grand houses like they owned up north in America. Some people want to live close to the action near Duval Street and others want to be in the Casa Marina Area so they can be near the beaches. Yet others want to live on a quiet lane away from it all. The house at 6 Lopez Lane may be the home of your dreams if living life on a slow lane in Key West is your dream.

This is how the listing Realtor describes 6 Lopez Lane: "Elegant and Luxurious newly renovated historic home on a quiet lane in Old Town Key West. High end finishes including crown molding, Dade county pine walls, high, vaulted ceilings and open floor plan make this a wonderful home for Key West living. Tucked away behind tropical foliage and with an incredible location, this home has it all. Bright and airy rooms, chef's kitchen, huge master suite with split bedroom floor plan. Gorgeous pool surrounded by lush palm trees, Brazilian Ipe decking and privacy galore. Off- street parking for 2 vehicles. An Elegant Oasis in One of The Best Neighborhoods of Old Town Key West."

You need a map to find this place. If you have not been there you would not know where it is. It is like many of the houses on the little lanes that populate Old Town--tourists can't find them. You won't see Conch Trains or Trolleys filled with tourists with Kodaks taking pictures. (That's a hoot: shows you how old I am!)

This is not a house for the owner who wants everybody to see his or her house because it is not possible. The listing Realtor got it right when he said "privacy galore". This is house for the person who wants a real sweet house that is "done" and located near everything, but not in the midst of everything. If you lived at 6 Lopez Lane you would have a two minute walk to the Historic Key West Seaport. There are some great shops and lots of great eateries there in addition to the marina. If you lived at 6 Lopez Lane you could walk to Duval Street in about five minutes. I always seem to talk about walking to places in terms of minutes. I don't know why. Time really doesn't matter that much when you live life on a slow lane. I guess it's a leftover from when I lived in a big city and had lots of appointments and important stuff to do.

CLICK HERE to read more information on 6 Lopez Lane and see up to 14 photos. The house has 2086 sq ft and sits at the end of Lopez Lane on a 4626 sq ft lot. There are 3 bedrooms and 3 full baths plus a half bath. There is a killer pool (I've been in it!) And this place is just magical. The asking price is $1,499,000 or $719 per sq ft.

If you are looking for some much deserved privacy and a really sweet place to call home, please call me, Gary Thomas, 305-766-2642. Let me help you find your place in Paradise.

1221 Margaret Street - Key West

The large and colorful home and two story guest cottage was built in 1999 and is located between Old Town and the Casa Marina Area. The property is now priced at only $1,249,000 or $417 per sq ft. This is how the listing Realtor described this property: "Beautiful 3 story home located in the Historic District of Old Town with a classic Key West architectural exterior and a striking sophisticated interior that has been professionally designed and decorated. The main residence has 3 bedrooms, 3.5 baths with the master suite occupying the entire second floor. The master suite is wonderful - unbelievable bath with one of the largest walk-in shower retreats you have seen and glass doors from the bedroom to a large private deck. The main level living area opens onto a rear covered porch, pool with built-in spa and a separate 2 story guest house with living/dining and half bath down and large bedroom and full bath upstairs."

If you have friends or a large family, this house at 1221 Margaret Street is for you. CLICK HERE for more detailed info an dphotos. the place for you. There is room for living on all three floors of the main residence. The cottage is fully contained so your guest that don't want to leave Key West can stay there and not eat and drink you out of house and home. There are two off street parking spots. The house and cottage total 2996 sq. ft. The lost is 3472 sq. ft. and provides wide access on either side of the main house to the rear yard and cottage. The house has shutters that are easy to shut if we get a storm. There is landscaping, but not so much that you need to spend hours and hours maintaining it. The rear deck area is tiled in slate.

If you love Cuban food, El Siboney Cuban Restaurant is a short block to the north. The White Street shopping and art district is only four blocks east and the restaurants and art galleries of Upper Duval Street four blocks west. You can be wherever you want in minutes by foot, bike, or car.

This house is vacant and very easy to show. It has been on the market for quite a while. This is not a distress situation by any means. But this is a buyers market. If you would like to see 1221 Margaret Street (or any other house in Key West) please call me, Gary Thomas, 305-766-2642. Let me help you find your new home in Paradise.

2026 Seidenberg - Key West - Mid Century Modern

You know you are getting old when houses that were built when you were a kid are now considered old and chic. That's my story and I'm sticking to it.

This is how the listing Realtor describes 2026 Seidenberg in the Mid Town area of Key West: "This exquisite Mid 20th Century Modern designer home was awarded the Star for its 2004 rehabilitation by the Historic Florida Keys Foundation. Featuring 3 bedrooms & 2 baths this home has many fine touches such as bamboo, river rock, terrazzo, & Brazilian flagstone floors creating a wonderful contrast with the angular lines & modern influence created by the highly renowned Colombian architect, owner. The kitchen has custom cabinetry, honed-slate counter tops, stainless appliances, wine cooler, & reverse osmosis water purifier. There are impact resistant windows & doors. Like an oasis with the coral stone waterfall flowing into the black lagoon pool overlooking the dining pavilion with contemporary Arabian style tenting."

Preserving the post-war modernism of this mid-century, mid-town gem was foremost in mind for this renovation and addition. Features such as terrazzo floors, casement windows, as well as the furnishings reflect the period and the spirit of the home. The upstairs addition includes a master bedroom and bath and appears as original to the house.

CLICK HERE for more detailed information and photos of this very thoughtfully designed home. The house has 3 bedrooms, 2 baths and 1500 sq ft of living area under roof. It sits on a nice corner lot of 5000 sq ft. There is a terribly expensive bamboo fence that gives the yard both privacy and distinction. The asking price is now $845,000 or $563 per sq ft.

January Real Estate Sales in Key West

I've been telling you that sales are picking up in Key West and advising you not to wait too long before you buy. Snoozers are Losers!

In January there were ten single family home sales in Key West (including a couple of properties that could be used as legal duplexes). Going either way is common in Key West, I guess. I have written about several of the homes that sold and I gotta tell you, I told you they were bargains to be had. Included were 701 Elizabeth, originally $1,579,000 and sold for $695,000 (Not a Short Sale nor a distress sale); 3 Pinder Lane, originally listed for $1,390,000 and sold for $900,000; 716 Olivia Street (originally listed for $2,895,000 and sold for $1,025,126 in one day). The buyers on the above referenced properties made excellent buys in my opinion. A major Key West house sold that was listed for $6,495,000 and sold for $5,700,000.

There were eight condo and townhome sales during January. Four of those were identified as either bank owned properties or short sales. Among the winners of that group are a unit at 1075 Duval with a real transient license. It sold for an incredible $439,774. A third floor bank owned unit at Sunset Marina with a terrific water view sold for $399,000. And a two story townhome at Windward Park sold for just $400,000.

Even, perhaps, more interesting is the number of contingent and pending single family and duplex properties in Key West. Fifty-three properties are now under contract. Of that number, 26 are shown as short sales and 11 were identified as bank owned properties. In case you think that all short sales are crappy little houses that could not be sold CLICK HERE. The incredible house at 811 Southard is a short sale and somebody snagged this big one. I wrote about 1212 Olivia CLICK HERE. It is a bank owned house on a really nice block. I showed that house twice within a couple of hours of when it was listed. (Just as in the case of the sold bank owned home at 716 Olivia CLICK HERE (scroll down to October 27th) mentioned above under single family sales, this unit reportedly went for a little more than the asking price just so that the buyer could seal the deal.)

Finally, thirty one condos and town homes are shown as contingent or pending sales. Of that number, 15 are short sales and 6 are bank owned properties. The most notable in my opinion is the gift at 1118 Olivia Street that was listed at only $359,000. CLICK HERE to see what I wrote about that property that went under contract just 4 days after being listed.

You need to be aware that there is some confusion about how to classify houses and condos that have signed short sale contracts. Not all properties that have signed short sale contracts are listed as such. I believe the number of actual contingent and pending sales is much, much higher. But that is just my opinion.

Buyers who are not in Key West have a bit of a disadvantage to those people who happen to be here when new properties get listed or when prices are reduced. But that should not stop you from using your computer to do some research and using your noggin to figure out if a particular property could work for you. You probably know what you want and what you can afford. I encourage potential buyers to search the real Key West Association of Realtors mls database CLICK HERE to see what kind of property they can buy for the money they want to spend. Always look at properties priced higher than you can afford and search properties with less space or amenities than you require. CASH is KING and you may be able to negotiate a real sweet deal, just like some of the lucky buyers mentioned above.

Let me, Gary Thomas, help you buy your place in Paradise. Please either call me at 305-766-2642 or 3-mail me at kw1101v@aol.com. Tell me what you want and how much you want to pay. You might own a place in Key West where you can snooze on the beach.