Snap! Thud! Ouch ! ! !

"You can only not fall before you run off the edge of the cliff, not after."

A sale of the large home at 44 Floral Avenue in the Key Haven section of Key West was posted in our mls late yesterday afternoon. CLICK HERE to see the 3650 square foot, three story house with four bedrooms, five baths, two car garage, pool, tiki hut waterfront home that SOLD at $890,000 or $245 per sq ft. The public records show that the seller purchased the house in January 2005 for $1,800,000.

As of today there have only been four single family homes sales in Key Haven since January first. CLICK HERE to see what sold and at what price.

I don't know the particulars of the sale at 44 Floral, and it really doesn't matter, because that sale is only illustrative of what I have been telling my buyers which is that houses are listed for sale for one reason: to get sold. Some sellers are highly motivated (like many short sellers) and others just need to sell like folks getting divorced or a personal representative settling an estate.

There are still some wacko sellers out there. Sellers with huge edifice complexes. They are typically people who did a lot of creative things to their properties, spent a lot of money on designer kitchens with Viking or Subzero appliances, ultra expensive glass tiles, imported light fixtures, travertine floors, Ipe decks, of whatever. They think their design sense justifies a price per square foot far in excess of what similar houses in the same area have actually sold for. They will not accept the fact that a new lender will not loan new money on a house that will not appraise for a ridiculous amount no matter how chic the kitchen or master bedroom and master bath look. I am not saying or inferring that all houses priced at a high dollar per square foot are over-priced. A lot of the best homes in Key West are priced very high on a per square foot basis because they are truly unique, have a superior location, and were superbly built or renovated.

I always loved watching Road Runner cartoons. I always hoped against hope that Wile E. Coyote would smarten up and not get done in by the smarter Road Runner. But Wile E. never got it. He never learned his lesson. He always broke the cardinal rule "You can only not fall before you run off the edge of the cliff, not after."

If you are looking for a second home or a new primary residence in Key West, please consider working with me, Gary Thomas, 305-766-2642. You can also contact me via e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc in Key West, Florida. I'll do my best to keep you from falling off the cliff.

1717 Atlantic Boulevard - Key West, Florida

Do you want to buy a nice house near the ocean that has a big yard, a big pool, lots of outdoor space, three bedrooms, a covered outdoor living area, a new kitchen and that is affordably priced? The listing Realtor at Preferred Properties describes 1717 Atlantic Boulevard this way:

"This home is Key Wests living at it's best with fantastic outdoor living surrounded by a Privacy fence. In the back there is a massive yard and large pool complete with 2 covered Lanai areas and lush tropical landscaping. The interior of the home has been renovated to reflect the style of the mid-century modern era. Open living/dinning area off a new large kitchen. Master and second bedroom have french doors opening to the pool with outstanding bathrooms. 3rd bedroom is more forward and very private. You are just two blocks from one of Key Wests best beaches and within walking distance of the children's park and the Dog park. Two minutes from the famous Duval Street."

CLICK HERE for more details and to view several photos of 1717 Atlantic Blvd. which is offered at $599,000 or $489 per sq ft. The house has 1224 sq ft of air conditioned interior living space. The covered lanais greatly expand the perceived living areas be cause they are so well done. And that pool is just killer. The entire property is enclosed so the grounds are very private. But the house is within an easy walk of either Smathers Beach to the east (about three blocks) or the Higgs Beaches to the west (about six blocks). The three shopping centers are less than five minutes by car as is the world famous and now painfully dull Key West International Airport.

I created a quick list of other three bedroom single family homes with a pool under priced $600,000. I think comparison shopping is a good thing. CLICK HERE to shop and compare. I have shown several of the comparison properties. I would advise any smart shopped to look beyond price and how dazzling the pool may look. I suggest that you checkout square footage (under air), outdoor living space, and try to determine how recent any improvements to the house may have been made. And if you are thinking of snickering at Atlantic Blvd also consider the location of the houses on the comparison list. If one of the properties interests you, please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com.

1019 Flagler Avenue - The Big House - Key West

The listing Realtor describes 1019 Flagler Avenue this way:

"This large 3bd/3ba house is situated on 2 lots totaling 9100 sq. ft. The home has multiple entrances which allows this property a wide variety of uses. Corporate retreat, large family home or a very stately single family residence. Each bedroom has its own bath and the living room and kitchen open onto a very large covered lanai which overlooks the very private pool and back yard. There is off-street covered parking and a detached garage. There is also a commercial rental (Doctor's office)downstairs for additional income."

I have shown this property to several potential buyers. I think this property would make a wonderful renovation project for someone that wants a really large house on a very large lot in the Casa Marina area that has the potential of becoming an estate type of property. Here is my take on this house.

The Monroe County Property Appraiser shows this house as having 3256 sq ft of living space (this is in conflict with the mls listing) and sits on a 9160 sq ft lot (90.25' frontage X 101.5' depth). Records show the house was built in 1938. The house was originally built of Indian Block, a man made material used in several of the larger Key West houses. There is a newer addition to the front where it appears the original first and second floor porches were enclosed with concrete blocks and 1960's or 1970's era windows and door were installed. There is also an addition on the east side with a "disco" bedroom and bath. The Florida room on the ground level has iron bars on the sliding glass doors that open on three sides. All of the windows are shuttered. The downstairs front portion of the house is now used as a doctor's office. The second floor space includes a sitting room, bedroom, large bath, nanny suite, and an office.

This house is the kind of place where the buyer could rip out the interior and rebuild from the exterior walls inward. Designers and architects do this all the time in Old Town where cute but cramped cottages are converted into comfortable living spaces.

The Monroe County Library (Historical Department) does not have any historic photos of 1019 Flagler that show what the property looked like before the porches were encased in concrete. The Indian Blocks are no longer visible on the west side of the house, but it is visible on the east side. That makes me think a new owner might have wide latitude in developing a design plan for this property. One plan might be to re-interpret the house with Indian Block and retro fit front porches on the main and second floors giving the house a traditional look. Or perhaps one could use the existing CBS stuccoed facade CLICK HERE and create a contemporary structure that would also fit into this eclectic neighborhood. HARC will definitely have a say in whatever design gets approved, but I can't see how they could dictate one style over another given what has happened to this house already. That is just my opinion, however.

The listing Realtor only has a couple of photos of the pool area. CLICK HERE and CLICK HERE. The courtyard has brick pavers and mature landscaping. There is even a 1930's vintage garage CLICK HERE at the rear corner of the property. The pool and landscaping are beautiful, but dated. There is a flagstone barbeque for example. That's a relic of the fabulous fifties. CLICK HERE to see the details submitted by the listing Realtor as well as other photos of this property.

Our office recently sold the house across the street at 1028 Flagler Avenue. CLICK HERE. It is in the process of a getting a major face lift. The sales price before face lift was $1,637,500. I understand the face lift is going to take over a year to accomplish. A very well known Key West architect lives in the houses immediately to the west of 1019 Flagler Avenue. CLICK HERE. A famous writer lives across the street on the corner. CLICK HERE.

1019 Flagler Avenue is located just a couple of blocks from the Atlantic Ocean. There are neighborhood stores about six blocks away. The Casa Marina Resort is two blocks to the west. Old Town is an easy bike ride. The Key West International Airport (I just love that name) is five minutes away. The area is quite at night. And like all of Key West, it is clean and safe.

1019 Flagler Avenue is offered at $899,000. It has been listed for sale for 582 days. If you are looking for a renovation project and would like to see this property, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. I live in this neighborhood and I love it.

726-728 United Street - Bank Owned - Key West

BANK OWNED! Sometimes good properties get foreclosed on because the owner does not have the time or money to complete a project. The owner gets caught behind the proverbial eight ball. A foreclosure gets started and the owner can't raise enough money to complete the job. A potentially good project becomes a bank owned reo asset. It happens all the time.

In a rising market like we had in Key West a few years ago, renovation projects were working because there was a continual flood of people that wanted to buy a second home or a condo in Key West. So many properties were purchased during that time that a lot of "work force housing" disappeared. The business model was simple: buy an old dump, fix it up to maximize monthly cash flow, and then flip it.

726-728 United Street is located on the edge of Old Town Key West, a couple of blocks east of Duval Street. It is located immediately next door to AT&T's Key West service yard complete with building and parking lot CLICK HERE. There's a trailer court across the street CLICK HERE. There is a burned out house next door CLICK HERE to the east. You could say this property is challenged. A bit.

The listing Realtor describes 726-728 United Street this way: "The four units are located in three buildings and feature bamboo and travertine floors with a shared pool and hot tub.1-2/2 and 3-1/1's. Call for a private showing. *BOA Pre-qualification must accompany all offers or proof of funds if cash." BOA means Bank of America. CLICK HERE for the detailed info supplied by listing Realtor.

But wait! Read this description of the same property last year before it was foreclosed: "Extensive renovations have been done with new kitchens, travertine and bamboo floors. Added bonus' are the pool and hot tub. All the units are in great shape. 1-2/2 and 3-1/1's. Upstairs and downstairs apartments at 726 pay $1350 each per month. Rear cottage at 728 pays $1450 per month. Front apartment at 728 pays $2100 per month on a short term rental basis. Exterior may need some finishing touches to your taste. The commercial use next door is a positive... most of the time it is quiet."

726-728 United Street is now listed for sale at $535,000 or $210 per sq ft. (That price is down from the original asking price of $625,000 when it was listed in December 2008.) The three buildings have a total of 2547 sq ft of mostly remodeled living space. The buildings sit on a large 5,0000 sq ft lot. The tenants are gone. So a new owner can start doing whatever repairs and upgrades he or she deems necessary. It's going to require more than a coat of paint and the installation of some cabinets. Somebody removed fixtures, air conditioning equipment, electric panels, etc.

Do me a favor. Put on your thinking cap and imagine the property with the downstairs front porch restored. Install shutters on the windows. Redo the entrance next door and sprinkle it with some fairy dust. Install brick pavers in the driveway (I assume that space is a driveway) and put up a white picket fence. Mend the fence on the west side of the property and clean up the swimming pool CLICK HERE, CLICK HERE and CLICK HERE. Use your imagination to envision the potential of this four unit compound.

If you are looking to buy a small investment property like 726-728 United Street, please call me, Gary Thomas, 305-766-2642.

1800 Atlantic Condominiums - Key West Florida

There are a total of 14 units available for purchase at 1800 Atlantic Condominiums in Key West. The aerial photo above together with the photos of the pool and gardens ought to entice you to consider this oceanfront resort type property as a potential second home purchase. In addition to that fabulous Olympic sized pool and spa are the beach, three private tennis courts, garage parking, on sight property management, and 24 hour security. 1800 Atlantic is close to the Key West International Airport, Smathers Beach, and three shopping centers. It is quick jot down to Duval Street and all the craziness.

Smathers Beach is located about 60 seconds west of 1800 Atlantic. CLICK HERE, CLICK HERE, and CLICK HERE to see why it is so popular. At Smathers you and your friends can play volleyball, participate in all kinds of water sports, or just work on that killer tan.

CLICK HERE to checkout the two (only two remain) SHORT SALE units. However, there are 12 other units still available. CLICK HERE to view the remaining 12units. It is really important to read the listing Realtors comments. Many of these units have TRANSIENT RENTAL LICENSES which means you can rent the unit on a daily basis, everyday, for 365 days per year. Some units may be rented as VACATION RENTALS which is different. The City of Key West allows owners to rent a unit one time per month for up to days to one vacationer. The renter can stay one day, one week, or all month. But the unit can only be rented one time during that month. So having a Transient Rental License might make your rental of a unit more profitable than having a unit that only permits use as a vacation rental.

There are three other important factors to note. Each factor may influence pricing and value. (1) Location. Look at the aerial photo again. Note that the road to and from the airport (Bertha Street a/k/a South Roosevelt Blvd.) runs adjacent to Building "C". Most units that front Bertha Street are priced a little less expensively than other locations. Units that have the best views are usually priced higher. Units on the top floor have vaulted ceilings so they may seem larger. (2) Remodeled. Some units are "virgin" and look the same today as when they were built over 20 years ago. Others have been remodeled. Some have been tastefully redone. And some less so. (3) Transient License. The existence of a Transient License does not in itself me you will make money right away. Some units have dormant licenses that the owners maintain to preserve the license, but have not used. If you want to make money, you need to consider buying a unit that has a rental history. Please note that most units are 1357 sq feet in size. However, a few units are larger. So compare size, because size matters in real estate just as it does in real life.

Only two units have actually sold and closed at 1800 Atlantic as of today. CLICK HERE to see those units. But there are three units under contract right now. The number of available units is pretty large. There may be some sellers getting a little anxious to sell what with the dog days of summer and potential storms heading this way.

If you are thinking of buying a second home in Key West and want to have it help pay for itself, please consider using me, Gary Thomas, to be your Realtor. I am a full time Realtor at Preferred Properties in Key West. You can reach me at 305-766-2642 or by e-mail at kw1101v@aol.com.

917 Southard Street - Old Town - Key West

Potential home buyers in Key West fantasize about what their lives in Key West will be like once they move here. Some buyers have big dreams of owning a grand old home in Old Town. Others are satisfied with owning a cute little Conch Cottage on a quiet little lane. Some buyers may dream about the ocean for fishing, diving, swimming, or tanning on the beach. Some buyers may relish in the thought of no more sidewalks to shovel,icestorms to cope with, or horrendous heating bills. Others look forward to being able to live outdoors just about every day of the year. Some buyers even dream of avoiding confiscatory state income taxes. (We don't have them either.)

The listing Realtor describes 917 Southard Street this way:

"Old Town living at its best! This is a charming 3/3 that has been recently updated and renovated with new kitchen with granite and stainless GE appliances, Dade County pine and heart pine flooring, tankless hot water and much more. There are two bedrooms and two bathrooms on the first floor with living room and a wonderful kitchen set off from the pool area. Upstairs there is a third bathroom and a large great room that's built for entertaining as well as two lofts that serve as bedroom/study. The great room leads to a large private rooftop garden overlooking the pool and a delightful porch overlooking the street. Great location just a few blocks from downtown."

CLICK HERE to get more detailed info on the house and to view ten photos of the inside and outside of this property.

917 Southard Street has 2339 sq ft of living space on two levels. It sits on a 2340 sq ft lot. So many of the nice Old Town houses have only two bedrooms but charm to spare. This house has three bedrooms, three baths, a beautiful pool, great roof top rear deck and that essential Key West front porch.The house does not have off street parking. This house was priced at $1,675,000 when it was first listed for sale in December 2005. The market overall has changed a lot since that time. The property is now offered at $1,050,000 or $406 per sq ft.

Mangia Mangia Restaurant is on the corner to the west. Michael's Steak House is around the corner. Five Brothers Sandwich Shop is a half block to the east at Grinnell Street. The Historic Key West Seaport is a five minute walk to the north and Duval Street is a five minute walk. The big old eyebrow house located at 906 Southard Street CLICK HERE(a larger house - 2224 sq ft - on a much larger lot and with higher end finishes) sold last week for $1,420,000 or $638 per sq ft.

Stop dreaming. Start doing. Somebody is going to buy this house. It could be you. You could be spending next winter with your feet on the second floor front porch and watching the tourists ride past your new home. You can listen to them say something like "I want to own a place like that someday." Please call me, Gary Thomas, 305-766-2642 or contact me by e-mail at kw1101v@aol.com.

1124 Eaton Street - Old Town - Key West - Bank Owned

Say all the bad things you want about Eaton Street being a bad location. I can hear the chorus getting ready to sing. Throw in that 1124 Eaton Street is BANK OWNED and is about as much "undone" as it is "done", and you have a really bad deal. Except all of those negatives are already priced into the asking price of 1124 Eaton Street. It is offered at only $156,420 or $121 per sq ft.

1124 Eaton Street is located one house to the west of the corners of White and Eaton Streets. That has got to be one of the busiest streets on our little island. Traffic does die down at night, but it is busy during the daytime. The house is located across the street from The Restaurant Store. CLICK HERE to see a view looking out of the second floor window.

Somebody started to do some nice renovations. The kitchen has been roughed in. There is a laundry room without any appliances. The living room has what appears to be new floors (as does the kitchen). There is even a powder room on the main level. Upstairs you need to avoid the hole in the floor. I'm not kidding. It is dangerous. But it can be fixed. There are two bedrooms-one at the front and one at the rear. And set in between the two bedrooms is a master bath that was really nicely done. The toilet and sinks are missing. I don't know if someone removed them or if they never got installed. But those are not big ticket items in either case.

The room sizes actually work. The house is bigger on the inside than it appears from the outside. Or so it seemed to me. I have no idea as to the condition of the plumbing, electrical, or anything else except I can say without equivocation the house needs tented. Termites have worked their way around this house over many years. The place needs HARC approved windows and door installed. The outside needs scraped, cleaned, and a new coat of paint applied. The roof should probably be replaced and with HARC's approval, the ugly lean-to carport replaced with something a little more suitable. I would add birkc pavers and some landscaping and re do the front porch. CLICK HERE to see what I think 1124 Eaton Street could look like.

CLICK HERE to see the detailed info an photos supplied by the listing Realtor. I think this house will be under contract later today. So if you are looking to buy a Key West fixer at a good price, don't scratch your head an analyze this to death. A property like this is either something you can do yourself and are willing to live with or it isn't. The location will never change, but you can improve the house.

If you are seriously interested in making an offer on this property, please call me, Gary Thomas, 305-766-2642.

"What door's will open for you?"

I host my pics for this blog on FLICKR. Sometimes I go there to borrow pics of Key West that help showcase this beautiful island I call home. A couple of days ago I saw a really sweet pic of a typical Key West home with a caption that read "What door's will open for you?" And then underneath the photographer added "I'll dream that one day a house in Key West has a door for me!" CLICK HERE to see her little dream home.

When buyers call me (they do) and when buyers send me an e-mail (they do), I ask them to tell me what their dream home would be. Most buyers want about the same thing: a nice house in a good location with a pool or room for a pool and a white picket fence. Almost all buyers want off street parking. Some are willing to buy a house that may require some work. And just about every last single solitary buyer wants a deal.

The price per square foot for a home in Key West is much higher than most locations on the east coast and mid west, the areas that most prospective buyers live. So once buyers get over the sticker shock they can start the search for their dream home. If they are like me, they fell in love with Key West on the second day of their first visit to Key West. They walked the streets lined with flowering trees and palms, beautiful old homes, beater cars (that was from another time - not many of them left), cats resting on front porches, mother hens escorting the little ones across streets, dogs riding piggy back on bikes, and trains winding their way down residential streets. What a place!

712 Southard Street is a listing of Preferred Properties (that's where I work but it is not my listing). The house was extensively remodeled a couple of years ago so everything is in very good condition in my opinion. There are shelves in the living room that display bottles and other discovered treasures that the current owners found buried under the house while doing their extensive renovation. I have hosted a few Open Houses at the property. The Lookie Lous loved it.

The listing Realtor describes this dream cottage this way:

"Location!Location!Location! Just two blocks from Duval Street, sits this beautifully appointed shotgun on the best block in Key West. Two nice size bedrooms and bathrooms, great new kitchen with cathedral ceiling that opens to the glass tiled kidney shaped heated pool surrounded by tropical landscaping."

The two bedrooms at 712 Southard Street are located in the front of the house. The living room is next and the kitchen CLICK HERE (a sawtooth addition with vaulted ceiling) is at the rear. The kitchen door CLICK HERE opens onto the large deck and very good sized pool. The pool area is beautiful and very serene. The pool gets plenty of sunshine (a lot of pools do not), and the neighbors cannot see the pool. So what happens in the pool area stays in the pool area. CLICK HERE to see the details on this home and view more photos.

Monroe County tax records show the house is 1026 sq ft that sits on a 2259 sq ft lot. The house is located just two blocks from Duval Street. There is no off street parking, but most of the other properties in the area are single family homes. There is no commercial business nearby. So finding a parking space is not that difficult.

712 Southard Street was originally listed at $1,200,000. It is now priced at $829,000 or $808 per sq ft. It really does have the primary things most buyers want: nice house, good location, pool, and that white picket fence. The house does not require any repairs. Everything inside and outside is pretty much new. The furnishings might also be available. Maybe all you will need to bring to Key West is your tooth brush and Coppertone. Bathing suit is optional.

If you would like to see 712 Southard Street and perhaps fulfill your dream of owning a home in Paradise, please call me, Gary Thomas, at 305-766-2642, to schedule a visit. You are gonna like this place!

CLICK HERE to search the real Key West Association of Realtors website to see all current homes and condos listed for sale. If you see something you like, please think about working with me. I am a full time Realtor at Preferred Properties Coast Realty in Key West. Some Realtors have other (real) jobs. My real job is selling real estate.

"What door's will open for you?"

Good things happen to people who buy from me. FOLLOW ME on TWITTER to see what happened to Chris & Jim.

731 Waddell Avenue - Casa Marina area - Key West

The asking price on the large and very lovely home at 731 Waddell Avenue in the Casa Marian area of Key West was just reduced to $1,649,000 or $589 per sq ft. CLICK HERE to read the detailed information on this home and see all the nice photos supplied by the listing Realtors.

The listing Realtors (my neighbors, in fact, live about two blocks away from this property) describe the property this way:

"Casa Marina Beauty...circa 2007, this solidly built home features impact windows, hardie plank siding, a custom kitchen, double decks off the front and back, first floor bedroom and bath, and a generous great room to stretch out and relax. The second and third floors all have bedrooms with bathrooms ensuite. Sitting on a large corner lot with plenty of convenient off-street parking, a heated pool and spa with an elegant water feature and a mature landscaping presentation all contribute to this terrific home and the Key West lifestyle."

You can see the Atlantic Ocean from the third floor (5th bedroom) of the new house at 731 Waddell Avenue (at William Street)in Key West's Casa Marina area. CLICK HERE for a view of this really big home. It's only a partial view but that beats no view at all. CLICK HERE for a view of this home with a giant corner lot. The house is a one block walk to both public and private beaches in the area. The Casa Marina Resort has a private beach club, tennis, and gym that you can join so your second home could almost seem like living at the resort itself.

The newly constructed three story home with 2800 sq ft of living space that sits on a 5000 sq ft lot (50'x100'). There is a formal entry with an office/den/guest room and adjoining private bath that doubles as a guest bath. The huge living room (or great room) takes up the right rear half of the house and the kitchen takes up the balance. The kitchen is very large, open, and bright. It was built to accommodate more than two people at a time. You can tell that the architect designed the this home for some serious entertaining.

The master bedroom and en-suite bath take up the front half of the second floor. There is a second story front balcony where you can watch the world very slowly. Two bedrooms share the rear half of that floor. Both have en-suite baths and separate doors opening onto a large second floor rear balcony that overlooks the pool and gardens.

Then there is "nosebleed", the third floor bedroom with en-suite bath. There is even a lighted storage area as well.

The heated "auto clean" pool is 16'x12' and has a spa and waterfall. Mature plants and shrubs surround the pool, deck and patio. Other exterior features include Fencing, Irrigation System, Landscape Lighting, Outdoor Shower, Outdoor Kitchen, Patio, Storage, Water Display.

The nice thing about the Casa Marina area is that you are close to everything, but you are far enough away not to be on top of everything. You can ride your bike to just about any place in Old Town in 5 to 6 minutes. You can drive to the airport to pick up friends at the Key West International Airport in about 5 to 7 minutes. You are a couple of minutes walk to the beaches, public tennis, or join the Casa Marina Beach Club. I live about 4 blocks away from this home, and I love the area.

If you would like to schedule a private showing of 731 Waddell Avenue, please call me, Gary Thomas, 305-766-2642.

June 2009 - Key West - Real Estate Sales

A little over a year ago there were just about 1000 active real estate listings in Key West. The number of active listings reflected an over-supply of available properties. Few new properties have been built during the past year. Month by month the number of active listings has been trimmed due to sales of existing properties. There are now 833.

Key West had 23 single family homes sales in June 2009. CLICK HERE to see all the houses that sold in June. Three of those sales were listed as "short sales" and seven were bank owned properties. There is such a disparity among the properties that price per square foot is meaningless.

If you carve out the four large home sales CLICK HERE in Old Town and Casa Marina areas the average price per square foot was $628. These houses are the kinds of properties many dream of owning and few can afford. The buyers got great deals on these properties. In a couple of years people will be saying "I wish I would have bought that place when it only cost $$$$."

There were five smaller home sales in Old Town: 1209 Olivia Street, 1214 Knowles Lane, 405 Frances Street, 822 Eaton, and 1018 Thompson Street. Three of those sales were short sales. When you take the time to scour the active single family home listings for Old Town and the Casa Marina areas you begin to notice one thing: there are not a lot of listings anymore. They supply is shrinking.

Thee were 22 condominium and town home sales in June. Seven of those sales were short sales and another seven were for bank owned properties. The units sold at an average price of $298 per sq ft. The most expensive unit that sold was a corner unit at Harbour Place. It had a real water view and it sold for $670 per sq ft. I wrote about 809 Washington Street when our office had it listed as a short sale. This unit sold for $775,000 or $413 per sq ft. There are other units still for sale in this new complex priced well over one million dollars. The buyer got a real deal. Three units sold at the Key West Golf Club with the least expensive going for just $217 per sq ft. The over supply of Golf Course properties is "over".

If you have been waiting for the market to hit bottom before you make an offer to purchase your dream home in Key West, reconsider your strategy. I can't say for sure that we have hit bottom. But if you look at the few properties actually for sale in Old Town or the Casa Marina area you will see one thing: there are few houses on the market. The properties that are available are either total fixers, fairly expensive, or really expensive.

CLICK HERE to search the real Key West Association of Realtors mls website. Your search will not be tracked and you will not be contacted by anyone. If you see something that interests you, please consider working with me, Gary Thomas. I am a full time Realtor at Preferred Properties Coastal Realty Inc. Give me a call at 305-766-2642 or e-mail me at kw1101v@aol.com.