Really Big - Short Sale - Key West

There is a really big short sale at 1418 Leon Street in the eastern section of the Casa Marina area of Key West. For the reader unfamiliar with the area, this house is located just north of Flagler Avenue and just east of White Street. It is a very short distance to the beaches to the south, Old Town to the north and west, and the shopping centers and airport to the east.

This is how the listing Realtor describes 1418 Leon Street: "Elegant & Luxurious Architect's Dream Home in the quiet and exclusive Casa Marina East neighborhood of Key West. Designed by award- winning, nationally acclaimed architect Michael Miller. Top quality finishes including American cherry wood floors, custom moldings, and dramatic marble floored entry. High ceilings, designer kitchen, bright and open floor plan flows to large Lanai with lush tropical gardens, large flagstone terrace and an inviting heated pool with waterfall. Private guest cottage and second floor bonus room add to privacy and comfort. Off-street parking for 2 vehicles. Widows walk with tree-top view and romantic sunsets. An Exquisite Property Showcasing the Best of Island Living. Short sale subject to lender approval."

This home is listed at the asking price of $1,995,000 or $663 per sq ft for the 3007 sq ft house. It sits on a large 6334 sq ft lot. (The property was originally listed for $3.6 million.) CLICK HERE to read more detailed information on this listing and view some great photos that show the features of this remarkable property.

I realize (sadly) that there are not a lot of buyers for a house in this price range. But for those of you that can swing a deal like this: listen up. The lender on this property is local. I expect that the local lender would be able to respond to a serious offer promptly and without all that fuss and delay we have heard so much about.

This property really is a big deal. If you are in the market for a great Key West property is a very comfortable location and you have the cash to make a significant purchase, please call me, Gary Thomas, 305-766-2642 to schedule a showing. This is not my listing, but I know how to get you in the door. If you are looking for a place in Key West, but maybe not as large a place as this, CLICK HERE to search the real Key West Association of Realtors mls database. No one will call you and no one will track your whereabouts on the Internet. If you see something you like, send me an email at kw1101v@aol.com and let me know if I can help you buy a place in Paradise.

809 Washington Street #101 - Casa Marina Area - Short Sale

Unlike a lot of short sale properties where the buyer and seller have to play this guessing game of whether the lender will or will not accept a short sale "offer", the lender on the new three story town home at 809 Washington Street #101 CLICK HERE in the Casa Marina area of Key West has already approved the short sale of $899,000.

This property is a listing of Preferred Properties (but not my listing and I have no "inside information" that I am disclosing or withholding. The listing agent describes this property this way: "Bank approved price! Perfectly situated in the heart of the Casa Marina district is this truly beautiful 3-story townhome. Cathedral ceilings and custom-cut Carlisle Lumber pine floors welcome you to this quality home perfect for year round living. Bright & open great room, gourmet kitchen with stainless Viking appliances & granite counters, spacious bedrooms with en-suite marble baths and private balconies. Fenced for privacy, this elegant townhome boasts a private bricked patio with native tropical landscaping, relaxing heated pool & a rear entrance. This townhome comes with one deeded, bricked off-street parking space. Close to Duval Street but in a very quiet residential neighborhood. Potential Short Sale subject to Lender approval."

809 Washington Street #101 is listed at $899,000 or $479 per sq. ft for this 1876 sq ft property. The lot is 1900 sq.ft. The front is maintained by the homeowners assocaiton and it looks really great. The trees and shrubs are already green and lush. Like so many Key West houses, this place is built with the indoor and outdoor living areas in mind. The interior living area looks out to the pool and garden area at the rear. That area is lush with greenery and the pool is so cool and inviting.

I recently showed this unit. As I stood in the Viking equipped kitchen and looked out to the pool, I did some mental gymnastics and compared this property with other high end condo and town home developments constructed during the boom days. I still love The Meadows, but not a unit there has sold. The Santa Maria is sleek but you are basically buying a motel room for the hotel operator to generate lots of income (in my opinion). The Steam Plant isn't finished yet so we'll have to wait to see how it fares. The Sea Isle Townhomes are now being rented as luxury vacation rentals and none of the six that were built has sold.

There are three other units for sale in this same development and they are offered at slightly higher prices: 807 Washington #103 CLICK HERE is offered at $1,800,000; 809 Washington #103 CLICK HERE is offered at $1,675,000; 811 Washington #103 CLICK HERE is offered at $1,650,000. The sizes vary a little on these units, but not by much. That is why I think 809 Washington Street Unit 103 may be a good deal for a buyer looking for a good amount of new space in a quiet Casa Marina area location.

I live in the area and I love it. Houses in this area are close to the beaches and close to Old Town. (See the vintage aerial photo above taken in 1920 to see how close to the beaches all of the area is. The little cluster oh buildings at the upper right of the photo is where 809 Washington is located today.) Real people with real lives live here whereas much of Old Town is not owner occupied. Most of the houses in the area are priced over a million dollars so the prospect for long term appreciation on your investment in the Casa Marina area home will likely prove successful in years to come. The streets are wide and parking is not an issue. You can get to the airport or out to Searstown or the Winn Dixie in about 6 or 7 minutes. Most of the commercial activity in the Casa Marina area is limited to White Street and runs only three blocks south of Truman. We've got a sweet little ocean front restaurant called Salute on the beach where you can wine and dine al fresco while you watch the sunset.

If you would like to see any of the townhomes listed above, please call me, Gary Thomas, 305-766-2642. I'd be pleased to show you around my neck of the woods. Preferred Properties Coastal Realty Inc. is the exclusive lower Florida Keys affiliate of Christie's Great Estates.

Going Up?

If you are among the potential buyers who have learned to search the real Key West Association of Realtors mls website (CLICK HERE), you may have noticed that a few properties have recently had price increases. That is not a typo. Price increases.

Take 623 Fleming Street as a case in point. I wrote about 623 Fleming in January when it was just listed for sale at the then asking price of $895,000. Everything I said about it then still holds true. Except the price. Now it is priced at $975,000 or $554 per square foot. And since I'm incredibly lazy, I'm just going to copy and paste what I wrote then.

"It had to happen. The "For Sale By Owner" attempt did not work. The house located at 623 Fleming Street was offered for sale by the owner for the better part of last year. The house won the Debbie Award in 2004 for Rehabilitation (Tom Pope was the architect). I showed it several times during the year. I like the house and the location a lot. It does not have off street parking. It does not have a pool, but the owner told me he had HARC approved plans (which may have expired) that would permit a small pool. Nothing in Key West is assured unless it is in writing! And then it may be negotiable.

Here is how the new listing Realtor describes this Key West property: 'Great Old Town location! Renovated two bedroom and two and one half bath Conch house. Loaded with coveted Dade Co. pine and also featuring many modern details such as a beautiful kitchen with granite counter tops, crown molding and a central vacuum. Awarded the HARC Excellence Award in 2000. The exterior features the quintessential front porch, a side yard, and decked back yard.'

The house has a really attractive street presence. There is a big grand old dame of a house located just next door to the east that is currently on the market. CLICK HERE to see the house next door to the east at 426 Elizabeth Street offered at $2,195,000. Next door the the west is The Campbell Courtyard Condominiums. This property was developed in the early 1990s and is a mix of renovation and new construction. The Ambrosia Guest House is located directly across the street. And The Marquesa Hotel is located at the corner of Fleming and Simonton Streets. I mention the neighbors to help the reader appreciate the prime location.

The house at 623 Fleming Street now offered at $975,000. The house is a 2 bedroom 2 bath with a generous 1760 sq ft of living space -- all in good condition and very livable. It sits on a nicely landscaped lot of 2060 sq ft lot in a prime location. It has just about every bell and whistle most second home buyers want (except the off street parking and pool)."

CLICK HERE for more info and photos of 623 Fleming Street. If you like what you see and want to see it in person, please call me, Gary Thomas, 305-766-2642 or contact me by e-mail at kw1101v@aol.com. Better think seriously about buying now before everybody gets into the act and start to raise prices!

Last week I commented about a particular person with a real estate license that actually increased the asking price on a short sale property. Well, a few more short sale properties have had the asking prices increased as well. And there have been regular houses in good areas that have had price increases. Not many, but enough to take note. 623 Fleming Street is a real sweet house.There are only a few such well located sweet houses available. As the market on such properties decreases through sales, it is logical to expect prices to increase. If you think prices will continue to stay low, think again.

1322 Thompson Street - Mid Town - Key West

This is how the listing Realtor describes 1322 Thompson Street: "Captivating Key West home is the result of collaboration between designer & artist Debra Yates, renowned landscape architect Raymond Jungles & the current owners. The outdoor space is perfection with a spectacular pool with mosaic mural waterfall, large dining pavilion & meandering paths through the exotic tropical gardens. The interior has a style of simple elegance with cool white walls, travertine marble floors & an abundance of windows & pocketing glass doors. The 2 bedroom 2 bath main house has an open living space and a large master suite that opens to its own private porch and adjoining sundeck. The separate guest cottage is bright and consists of a bedroom & bath. Enter the gate of this private oasis and you may never want to leave."

Let me add this: it is better than that! CLICK HERE for more detailed info and lots of photos of the property.

I've shown 1322 Thompson Street twice in the past three weeks. It is one of those places that just knocks you over when you enter the property. I was stunned by the pool and gardens. And I fell in love with the simplicity of the design of the interior spaces. The living and dining areas flow into the kitchen which is a step down. That step breaks the visual continuity into two separate yet contiguous spaces.
The sliding glass doors in the living room open onto the pool area and that makes outside seem to be a part of the inside.

The master bed and bath is just killer. Oh, WoW! The bath picks up on the mosaic by the pool and elevates the shower to an art statement. Unbelievable. Your friends are going to want to come and shower with you when they see this space. (That could be a good thing or very scarry, depending on your friends.) The bedroom again is very simple. The covered outside lounge just off the bedroom looks more like Bali than Mid Town Key West. What a pad! There is a separate garden on the master bedroom side of the house.

The guest cottage is located near the master suite at the back of the garden on the south side of the house at the rear of the private garden on the master suit

The asking price on 1322 Thompson Street is just $875,000 or $564 per sq ft for this 1552 sq ft home that sits on a large 5610 sq ft corner lot. Let me add that sometimes people from up north fail to understand the value of landscaping.

A yard designed and installed by Raymond Jungles is normally out of the price range for most buyers. So to be able to purchase a house with a yard he designed for himself ought to make a serious buyer really take note. The gardens are lush with specimen plantings and trees. The plants and trees are mature and beautiful.

This place is really pretty. The super chic modern interiors may not work for those with a yen for an Old Town Conch House. But if you are open to new ideas and want a really beautiful place to call your home in Key West, please call me,Gary Thomas, 305.766.2642. Let me show you this truly remarkable property.

Good News on the Home Front - Key West

Kudos to two fellow Realtors - Doug Mayberry and Bob Cardenas. Doug listed the big manse at 708 Eaton Street (next door to the former Calvin Klein House) for $2,675,000 and Bob produced the buyer that purchased the house on Friday for $2.4 million. CLICK HERE to see what the fuss is all about. Congratulations to both of you.

I used to own and live at 511 Eaton Street when it was known as Eaton Lodge. I sold it in 1995 but I know what the street sounds like during the day and at night. My place was about 125 feet east of Duval so I got to hear the noise from there as well.

I must admit that some days the noise can get annoying. Not all day. Tourists on motor scooters honking their horns for no reason at all. Or Choppers with no tail pipes making as much noise as they possibly can-on purpose so that you'll look at the old dude's hog. But that awful racket can be heard on side streets like William just as well.

But most of the time, and especially in the dog days of summer, the traffic is intermittent and not bothersome.

Some of the finest homes in Key West were built on Eaton Street and they were owned by some of the town's richest folk. (That's still the case today.) The sale of 708 Eaton Street is a re-affirmation of the staying power and value of grand old homes in the Old Town area of Key West (it sold for $724 per square foot and it is a big house - 3316 sq ft in fact). There are some nice big old houses still left on Eaton Street and several not so expensive places as well. CLICK HERE to see what you can buy on Eaton Street.

If you are looking to find a place in Key West please call me, Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com. Don't wait too long to buy at historic low prices. Local banks are lending on single family home purchases.

Wanna Buy a Painted Lady?

San Francisco isn't the only place with Chic Chicks, Painted Ladies that is. Key West has its own Painted Ladies. They hold court nightly under the street lamps on Truman Avenue between Duval Street and Whitehead Street. By coincidence, happenstance, or whatever, two of the old dames are now offered for sale.

409 Truman Avenue is located right at the corner of Whitehead and Truman. This very unique property is located one block from the Hemingway House. Three Bedrooms and three bath Conch house with central air and off street parking. The house is 1790 square feet and sits on a large 3918 sq ft lot. CLICK HERE to read more detailed information on the house but especially to see the quality photos of the house and lot. There is room for a pool! What'smore, the listing agent told me the seller is motivated to sell. 409 Truman has been reduced from $900,000 to $750,000 or $419 per sq ft. It's worth a look.

411 Truman Avenue is just next door. It is half the size of the house at 409 Truman, or just 800 sq ft. It is offered at $425,000 or $531 per sq ft. For that price you get a two bedroom one bath abode with off street parking. It offers a sunny loft with treetop view, newly remodeled kitchen, Corian counters, stainless steel appliances, fresh paint, impact windows and central AC. No room for a pool, however. CLICK HERE for more info and pics of 411 Truman.

If you would like to see either of these painted ladies (or any other property in Key West) please call me,Gary Thomas, 305.766.2642 or e-mail me at kw1101v@aol.com. One very positive feature of owning either of these homes is the fact that neither you nor your guests will ever get lost and be unable to find your way from home. Everybody in Key West knows where the Painted Ladies are--under the street lamps on Truman.

March 2009 Key West Real Estate Sales Report

There were a total of 18 single family home sales in Key West between March 1st through March 31st. Six of those sales were short sales and one was bank owned. Old Town had seven of those single family home sales. The average price per square foot in Old Town was $484. In 2008 there were six single family sales in Old Town and the price per square foot then was $583. Not a good trend, if it is a trend.

None of the single family home sales in March 2009 would be considered a major Key West home. I wrote about 804 Elizabeth Street several times. It was originally listed for sale in April 2007 for $1,695,000, and it sold in March 2009 at $950,000 or $490 per square foot. That house had one of the most beautiful pools on the island. The location is a short two block walk to Duval Street. And there were two off street parking spaces. Congratulations to Jeff Dunaway for finding the lucky buyer on this great home.

Last month there were a total of twelve condo and town home sales in Key West. Three of those were identified as short sales. But five were bank owned properties. That means 66% of our condo and town home sales were distressed properties. And there is no accounting for what factors went into the other non-distress sales. Two of the bank owned properties that sold were previously mentioned in my blog as buying opportunities. The first was a third floor condo at Sunset Marina. The condo had previously sold in August 2005 for $885,000. It was sold by the bank for just $370,000. The really cute house (officially it's a condo because it is located in a compound) at 1118 Olivia Street was listed for $359,000 and sold in just a couple of days for $349,000. That was a great buy. (As a side note, a nice little house went in the mls this past Monday. It was bank owned. I called the listing agent to get access to see the property for a buyer. It was already under contract. If you want to buy a bank property, be prepared to act quickly and make a sensible offer.)

There are lots of houses and condos for sale in Key West. Some are dogs. And there are some really beautiful properties available at potentially great prices. I am a firm believer that every property listed for sale today is listed because the seller really wants to sell. CLICK HERE to search the Key West mls database to find the bargain you have been hoping for. If you are looking to purchase a place in Key West, please call me, Gary Thomas, 305.766.2642, or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc., the exclusive Florida Keys affiliate of Christies Great Estates.

Dazed & Confused over Short Sales?

If you have read my blog for a while or watch the movement of properties on the Key West Association of Realtors website you will see that some short sale properties seem to sell quite quickly and that others seem to languish. If you are dazed and confused by the process, the paragraphs that follow may offer some interesting insight on what some listing agents, renters, and owners do that impact why some properties sell and why others do not.

1. Some real estate agents seemingly do not understand the point of a short sale is to assist a troubled property owner to sell his/her property to a buyer for an amount less than the seller owes to his lender(s) on the condition that the lender(s) agree to accept that lesser amount in full satisfaction of the loan. The seller benefits from not having a foreclosure on his/her credit record. The lender benefits if the amount received outweighs the potential costs of foreclosure and consequent re-marketing of the property.

Here's the rub. Some real estate agents continue to price short sale properties at ridiculously high asking asking prices. I'm talking about per square prices that make no economic sense. The point of a short sale is to sell the property before it gets foreclosed, not to create an impediment (illogical pricing) that deters sane buyers from even looking at the property.

2. Conversely, some real estate agents price properties almost too cheap so that they (listing agents) can sell the property quickly. It is interesting to see how many properties get listed as short sales only to go "contingent" within a day or so of being listed. I believe this is helping to drive down the value of similar properties in the same areas. This is especially true in some condominium developments in Key West.

3. I've seen some listing agents deny that that the seller needs to negotiate the price or sell the property even though it is listed as a short sale. I recently submitted an all cash offer on a short sale property where the listing agent denied it was a short sale (even though it was listed that way in the mls). The agent even told me not to submit an offer less than a certain amount. The agent said the seller was only a few payments behind, yet I knew the lender had filed a Lis Pendens on the property months ago. The offer got rejected and a few days later the seller's agent substantially increased the asking price!

4. Many of the short sale properties in Key West are not owner occupied. In fact, many are rented. For some reason renters seem more in control of what gets sold than the owners or their real estate agents. Renters control when the properties can be shown, and what they look like and smell like. Renters usually demand at least 24 hours notice to show. Some renters refuse to show specific rooms even when proper notice is given. Dogs and cats (and their lingering odors) can make an otherwise nice place look or smell like hell. I have smelled pet urine in several short sale properties.

Some agents are never quite able to get potential buyers in to see listed properties. They may not have keys or the owner does not want the tenants to know the property is listed for sale less the tenant would stop paying rent to the seller. Restated: the property is listed for sale but cannot be shown. Make offer sight unseen.

Consider this as well. Owner rents a large house to a renter for let's say $2000 per month. Tenant then sublets each bedroom and even creates additional bedrooms by partitioning off "rooms" to create makeshift bedrooms. A three bedroom single family house suddenly becomes a five or six room boarding house. If you think I'm making this up, you are wrong. There are sure to be many beasts in the house as well. When a property owner no longer cares about what happens to the property, all animals are welcome. (Not all animal owners are bad. But some are!)

I've shown my buyers short sale properties that are rented. My buyers ask who gets the rental income. Not the lenders, dear readers. Even though most mortgages have an assignment of rents provision, few lenders exercise the right to collect the rent. In most situations the defaulting borrower (Seller)continues to collect rent until the property is foreclosed or sold in a short sale. One owner I know stopped making mortgage payments right after Hurricane Wilma in October 2005 and rented the house until last year. Now a relative lives in the property. There is no incentive to really sell when an owner continues to collect rent or lives in the property for months on end.

5. I've seen instances where people that sell real estate may be assisting sellers in depriving lenders from maximizing their recovery. Example number one: real estate agent lists a short sale house at an aggressively low price. Seller and Buyer (who might be a relative like a brother in law or cousin) enter into a Contract of Sale and Purchase. The short sale is then processed through the system without the lender having any knowledge that the "Buyer" is actually an insider of the Seller. Seller ends up staying in the property after it is sold to the relative as a "renter" or tenant. Example number two: Seller offers a short sale property that has an ancillary asset with a special value (such as an occupational license or furniture in a vacation rental property) that was purchased with the loan proceeds. The listing agent does not include the "asset" in the mls listing but does let it be known that the special asset can be purchased separately outside of the real estate closing. Wink! Nod!

6. Another instance can occur when the seller engages a negotiator to facilitate the short sale on behalf of the seller with the lender. The seller requires (as a condition of signing the Contract of Sale with the buyer) that a certain title company write the title policy and close the transaction. Seems harmless enough, except that the title company is run by an insider of the negotiator and charges fees in excess of what a local title company in Key West would charge. And when the lender demands the real estate agents reduce their commissions in order to close the transaction, the negotiator's fee remains unchanged.

Most of the short sale properties are straight-up offerings. It is not my intent to suggest anything otherwise. But there are instances where a few real estate sales people, renters, and property owners take actions that confound the process.

1209 Olivia Street - Back on the Market - Again!

This is the second time that 1209 Olivia Street has been returned to the market after the lender was unwilling to accept the short sale price negotiated between the seller and buyer. If you are among the many people who saw this house and got frustrated that you did not get to submit an offer, you just got a new chance to own a place in Paradise.

The new asking price is a price that the lender will agree to accept: $610,000. This is what you will get for your money: Desirable Meadows single family home totaling 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, newer decking around pool. The house has sat vacant for several months, so it smells a bit. There is also a spiral staircase in the living room that provides access to the second floor bedroom and bath. The pool is green these days, and there are deal palm fronds all over the yard. Each of those negatives can be remedied. But at $610,000 you get a 1522 sq. ft. house on a good sized 3589 sq. ft. lot in a desirable location for $401 per sq. ft. The waiting time on approval should be minimal since the lender has already approved the price.

CLICK HERE for more information and photos of 1209 Olivia Street. Please note: the photos in this blog are old photos. They do not represent the present condition of the property.

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.

Peace in the Middle East of Key West - Short Sale

If you are looking for a pretty, clean, comfortable and peaceful place far from the Madding Crowds in Old Town, the Mid Town area of Key West has a great single family home that is a real Short Sale buying opportunity. 1712 Laird Street is located just two blocks from the Atlantic Ocean and the nearby beaches.

Here is how the listing Realtor describes 1712 Laird Street: "This is a wonderful renovation of a concrete block house with high open ceilings, open floor plan and French doors that lead to a large deck and beautifully landscaped gardens. There are 2 bedrooms, 2 beautiful baths with a study that can be used as a third bedroom. Shell stone floors through out, walk-in closets and plentiful storage, central air, stainless steel appliances, beautiful hardwood counter tops and a good sized laundry room. Handsome privacy fencing, off street parking and plenty of room for a pool. This is a potential short sale that may be subject to third party approval."

You enter the property through a beautiful privacy fence into a yard filled with specimen palms and other exotic foliage. The grounds were designed by Ecoscape Landscaping. There is a sprinkler system and exterior lighting as well.

The interior is all very modern and the lines very clean. The living area is on the right side of the house and the eye is drawn to the gardens at the rear. It's as if the yard is saying "Come on outside!" The second bedroom is at front on the left side. There is a door that opens to the outside from that room. The master suite is at the rear. The bedroom has a vaulted ceiling and French doors open to the rear deck. Again, the rear yard beckons. The rear deck is sophisticated, just like the rest of the house. The house and gardens were designed. They did not just occur by happenstance. The marriage of the two makes the one so peaceful.

CLICK HERE to read more info on the house and see the photos. Better yet, please call me, Gary Thomas, 305-766-2642, to schedule an appointment to see this property. This is not your typical mid-town redo. Far from it. This house was orignally listed for sale in January 2007 at $995,000 and is now offered as a Short Sale for the asking price of $499,000 or just $333 for this 1500 sq ft house on a generous 5285 sq. ft. lot.