512 Margaret Street - Old Town - Key West

Attention Bargain Hunters: Just Listed (but not by me) 512 Margaret Street priced at only $739,000 or $505 per sq ft. That's a lot of money, but this is a lot of house for the money. It was built in 1889 and has 1462 sq ft of living space. It sits on a tight lot (1560 sq ft or 24' X 65') on one of the better blocks in Old Town Key West. CLICK HERE to read the detailed info on this house and view photos of the interior and pool.

The absolutely beautiful house next door at 510 Margaret Street is listed for sale at $1,590,000 $815 per sq ft CLICK HERE to view. That house is bigger and has a separate guest cottage, but I offer it to support my statement about the location. And if you know the location you know that super chic Scheppens Lane is located at the rear of both houses. Another absolutely charming house I wrote about before that is located at 416 Margaret Street CLICK HERE recently increased had a price increase and it is now offered at $1,240,000.

This is how the listing Realtor describes 512 Margaret Street:

"Beautifully renovated and restored Historic Home in one of the most desirable Old Town Key West neighborhoods. Attention to detail and beauty are the hallmarks of this historic treasure. Dade County pine walls, gorgeous wood floors, large master bedroom with vaulted ceilings, en-suite bath and room for a king size bed. Two large bedrooms plus a bonus home office area, chef's kitchen, and elegant crown molding. Wonderful outdoor spaces including two covered porches plus a sexy open porch off the master suite for morning coffee or sunbathing. Heated pool with comfortable deck area. Walk to Key West Seaport, restaurants and nightlife. An Old Town Historic Treasure For The Most Discerning Buyer"

View Larger Map">GOOGLE MAPS a good aerial perspective of the area. Michael's Restaurant is up at the corner at Southard Street and Mangia Mangia is located across the street. Azur Restaurant is located one block away at the corner of Fleming Street and Grinnell. The Historic Key West Seaport is two blocks north of that and Duval Street is a five minute walk.

So many second home buyers want the same thing: two or three bedrooms, two baths, Dade County Pine, pool, the Key West Conch house or cottage "look", good location, and off street parking. This house has all except the off street parking. The house at 510 Margaret Street does not have off street parking either. But the one at 416 Margaret does. But 416 argaret costs $501,000 more. I created a list of other three bedroom two bath houses in Old Town that are priced at $739,000 or less. CLICK HERE to do your own price comparison. Or CLICK HERE to search the Key West MLS.

I think 512 Margaret Street may be a bargain for the right buyer. It is priced considerably below many similarly sized homes in the Old Town area. If you are looking for a home like 512 Margaret Street, please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. We are an affiliate of Christie's Great Estates.

Price Reduction - 915 Angela Street - Old Town - Key West

One of my favorite Key West houses just got a lot more affordable. The asking price on 915 Angela Street is now $998,000 or $739 per sq ft. This house was originally listed for sale at $1,299,000. The price has been reduced a couple of times. But now the price is at a point where the market ought to react.

You will either love 915 Angela Street or you will hate it. Oh, you'll love the house. There's nothing not to like about the house. It's the neighbors.

This is how the listing Realtor describes 915 Angela Street:

"Pristine Old Town cottage with a little bit of everything including 3bd/2ba + delightful outdoor bath, 2 off street parking spaces, heated pool with waterfall & private spa. An outstanding use of space brings the outdoors in with the family room nestled between spacious covered decks & lush landscape. Enjoy the historical character with exposed Dade County pine walls and ceilings, renovated kitchen with new stainless appliances, remodeled baths, cathedral ceilings and lots of glass doors, windows and skylights. Beautifully styled and impeccably cared for both inside and out with optional designer furniture package negotiable for a truly turnkey Key West residence."

Let me tell you about the neighbors. The house next door to the west sits at the corner of Margaret and Angela Streets. CLICK HERE to view this incredible Key West property. The neighbors to the rear are a couple of very large homes accessed off Canfield Lane. The neighbor to the east is a nice house at the corner of William and Angela. Angela Street is a one way street that runs from Margaret eastward to White Street. It is just one lane wide. Across Angela Street is the Key West Cemetery. CLICK HERE to see the view from 915 Angela looking directly south. If you are concerned about flooding remember that the cemetery is near the highest point on the island. The big skies and bright sunshine from across the street will never be built upon nor will the neighbors to the west or east. What you see is what will be for eternity. Knowing the future in real estate is not necessarily a bad thing.

The cemetery bothers the hell out of a lot of potential buyers.Some people refuse to even look at houses anywhere near the cemetery. I guess I understand. But not really.

This is why I really like 915 Angela Street. First, the place is really nicely laid out for Key West second home living. It is large enough for a couple that has a small family or friends that may drop in for an occasional visit. There are three bedrooms and two baths. The living room opens on the east to a beautiful pool. The living room also opens to the left onto a secluded deck with a hot tub. The master bedroom and bath also open onto that same deck. There is an incredibly sexy outdoor shower tucked away to the side. A second bedroom is located at the right front of the the house. The kitchen and dining area complete the main floor. There is a decent sized third bedroom or office on the second floor. There is enough separation between the rooms to provide the kind of privacy you don't see in many Key West houses. There are two separate off street parking spaces each of which is bricked. The house is just as cute as it can be. This 1350 sq ft home is offered at $998,000. The view from the front porch or the master bedroom looking south across the cemetery changes with each passing cloud. The view is the exact opposite of what you would expect. CLICK HERE to see more detailed information on this listing and view lots of interior and exterior photos.

This house is an easy walk to Duval Street or the Historic Key West Seaport. Both are about 5 minutes away. There is no commercial activity anyplace within sight. The Conch Trains and Trolley Cars can't go down Angela Street because it is too narrow. What a rotten shame! Boo Hoo! Locals don't use it as thoroughfare because there are speed bumps. Tourists tend to walk fast or run because, well, it is the cemetery after all.

The view from the master bedroom is just beautiful. This place is super quiet. I can't think of anything a new owner would need to do. If you are looking for a quiet little place and don't mind the neighborhood, please contact me, Gary Thomas, 305-766-2642 or by e-mail me at kw1101v@aol.com.

Affordable* Key West Houses

*How would you like to buy a cigar makers cottage made of real Dade County Pine for $2000 or less? Well, you can. Sort of. Ronny Bailey is a fourth generation conch that spent 30 years of his life restoring many of the old houses in Key West. A couple of years ago he started fooling around with some Dade County Pine and created his first new old house replica. His wife came home and expressed in amazement "I didn't know you could do that!" Ronny replied "Neither did I." And so began his new career as artist-carpenter where he creates miniature near replicas of real houses in Key West using salvaged lumber. Ronny stresses that he only uses old salvaged wood to construct the houses. He doesn't paint the pieces. Instead he relies on the ravages of our sun and the weather to create the natural patina that make each piece look so genuine. Ronny's inner artist comes out when he adds a bit of whimsy such as a rooster to his work.

CLICK HERE to visit Ronny's website. Take a couple of minutes to go through the original miniature facades and the more affordable prints. Ronny does commissioned pieces as well.

The photos above are of a piece Ronny just completed. We think. He said he's not sure it's done yet. But pretty sure. I wish I were a better photographer so that you could see the detail in his work. The real building depicted in the art is located at the corner of Frances Street and Olivia. Checkout the little birds sitting on the neon sign above the front door or the cat laying on the second floor window ledge. The buildings Ronny creates are historically correct but the whimsy he adds is purely original. I'm no art critic but Ronny's work sure looks like it will become some very collectible folk art in the not too distant future.

Ronny Bailey will be exhibiting his works in Naples December 12 and 13 and at the Old Island Days Art Festival February 27 and 28. He invites interested buyers to view all of his pieces at any time. Go to his website to make contact.

If you are looking to purchase a slightly larger Key West house CLICK HERE to search the Key West Association of Realtors real mls database. If you see something that interests you, please contact me, Gary Thomas, 305-766-2642 or contact me be email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. We sell real houses in Paradise.

730 Southard Street - Old Town Landmark - Key West

I have written about the landmark home at 730 Southard Street on several occasions and I have actually received both phone calls and emails from potential buyers that were genuinely interested in the property. But none of the contacts has yet resulted into a written offer from my buyers. It is time for someone that has "that vision thing" (a catch phrase used by President George H.W. Bush when he responded to suggestions he refocus objectives away from short term campaign objectives to look to the longer term). My suggestions: bring vision and lots of money.

730 Southard Street is one of the iconic homes of Key West. It has been in the same family since the day it was built. The most recent resident passed away a couple of years ago. She lived in that house for nearly ninety years. Many of her possessions are still located in place throughout the house. The house almost shows like a museum of a life in another distant time. The outside of the house is looking ragged and forlorn. I met there with a noted local architect to size up the house for some buyers. Rather than say what he said I will give you my impression of what needs to be done.

The house has wonderful wraparound porches on the first and second floors and there are rear porches on both levels as well. Those porches provide potentially dramatic openings from the historic French doors that open onto the porches. That includes the rear second floor porch just off the master bedroom. The porches all need replaced. Some of the shutters need replaced.

Any renovation of the house would entail all new electric, plumbing, and air conditioning. The house is large and looks like it is actually three buildings brought together to make one large structure. The third floor attic is gigantic and would provide excellent space for location of HVAC.

The Attic
The existing bathrooms are very old and very dated. I think there is more than enough room for a creative architect to carve out some very useful bathrooms that meet our modern needs and still preserve the dignity the present structure.

The present kitchen is located just off the grand dining room. The dining room is likewise located next to the front parlor. The living room, on the other and, is a giant room located just to the west of the front door. That room has French doors that overlook the rear grounds. The dining room, parlor, and living room each have French doors that open onto the wraparound porches on front and the rear as well. The layout is a bit formal for today but the space is entirely useful. The kitchen is very large and needs yanked into the 21st Century. The kitchen even has a fireplace. Can you imagine what kind of a wonderful kitchen you could create.
The Parlor

The second floor has enough space for two great bedrooms and baths to compliment the huge master bedroom with en suite bath. The space for the master suite is just grand. That doesn't mean the space needs to be treated like something in a Trump hotel. Rather I envision very treating the very simple structure in an understated manner. The classic design elements are already there. It is just coming up with a good and useful design for today.

All of the interior has Dade County Pine walls, ceilings, and wood floors. The building to me seemed very structurally sound with the exception of some of the foundation which needs repair and all of the plumbing and electric which needs replaced. HVAC would be all new as it is non existent.

There is no pool. But there is room for a great pool and garden as well. The fence is dilapidated as is the widows walk on the top. But you should see the view from up there. You can see the Gulf of Mexico and all of the small homes for blocks and blocks. You could have a great sunrise view from the kitchen of dining room each morning. And in the evening you could sit on the upper front porch and watch the world walk by on the way to view the sunset at Mallory Square.


730 Southard Street is a big house with 2838 sq ft of space under roof. It sits on a 6853 sq ft lot (at the corner of William and Southard Streets) right in the smack dab middle of Old Town. CLICK HERE to read the listing Realtor's description of the property and to see some very good interior and exterior photos. This property is offered at $1,490,000 or $525 per sq ft. It's going to take probably a million to renovate the place. Maybe more and maybe a little less. But in the end someone is going to own one of the great beauties of Key West. Chances are pretty good that the house will be re-named for the new owner. The person with that vision thing.

If you would like to see 730 Southard Street please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Our office is the exclusive lower Florida Keys affiliate of Christie's Great Estates.

627 Caroline Street - Historic Seaport Area - Key West

Just listed (but not by me) 627 Caroline Street just one block from the Historic Key West Seaport.
View Larger Map shows you where it is located. Or CLICK HERE. I know you will recognize the house next door. Almost every traveler to Key West takes a picture of this house. CLICK HERE to see the same house next door (629 Caroline Street) as it looked around 1965 when it probably had its last paint job.

The listing Realtor describes the house this way:

"Historic Conch Classical Revival home ready for your special touches. Two story, 2300 sq. ft., 3 bedrooms, 2 bathrooms, 2 blocks from Duval Street and near the Historic Seaport and all attractions. Large yard with room for a pool."

The house sits on a fairly good sized lot - 4541 sq ft. You will note from the photos that there is brick paved off street parking. You will also note the "addition" or enclosure of the downstairs front porch. That would never be allowed today and it ought to go. This particular block of Caroline Street has some really beautiful old homes that have been meticulously restored. A couple of stragglers are left, like this house, but the block is one of the prettiest in Key West. The Monroe County Tax Appraiser says this house was built circa 1889. Put on your imagination glasses and compare the way 627 Caroline Street looks today CLICK HERE with a nearly identical house across the street that has been restored CLICK HERE, you will get a sense of what you could do with this classic Key West home.

The house is nearly original. A kitchen was added where the back porch was located. A bathroom was created on the second floor. And there is that front porch enclosure. But those additions are relatively new-say 50 years ago or older. The house has Dade County Pine walls, ceilings and floors, old windows and doors, old plumbing, old electric, and a year's worth of work and expense to restore this old house. The dining room has a bay window and the entire downstairs has quite a bit or interior light. The difference in buying a fixer like this versus buying a house that has already been restored that may cost more might elude some.


I warn buyers to expect time delays and unexpected costs in trying to do a renovation. I tell them that they need a good architect and a good contractor to get the job done right. I even tell them that they could probably buy a place that has been restored more cheaply than if they were to do a project themselves. But when a buyer does a project he or she or they get to recreate the house.

As nice as it is to have a garage I would probably eliminate the garage, ditch the addition on the front and add a white picket fence and electric gate at the driveway. I would doll up the facade with a fresh coat of paint and install new shutters where needed. By eliminating the porch addition and garage, I would add light to the downstairs. The living space would be reduced a bit, but the available space would be improved immensely.

627 Caroline Street is offered at $950,000 or $426 per sq ft. CLICK HERE to see more photos of the exterior of the property and view more details. Please call me, Gary Thomas, 305-766-2642 if you would like to see the inside. I a m a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Single Family Home in Truman Annex under $949,000

So I spent Sunday afternoon on my computer looking for some potential deals among all of the short sales and very highly priced single family homes in Key West. I found 214 Fleming Street. The current mls listing does not have any description of the property or photos. So I had to do a little digging. And I think I may have found that deal I was looking for. Now if you are working with another Realtor, stay with him or her for everything else. But since I am telling you about this property, it is only fair that you call me if this house strikes your fancy.

214 Fleming Street is a 1312 sq ft two story two bedroom with two and one-half bath single family residence located in the exclusive Truman Annex. It also has a special Truman Annex Transient License. It is currently offered for sale at $949,000 or $723 per sq ft on a private 1739 sq ft lot. This is how the listing Realtor described the property in 2007 when it was then priced at $1,450,000: "This is a rare Truman Annex home with an elevator, hot tub, brick patio, outside shower, extensive wood trim details, vaulted ceilings, a complete hurricane shutter package, and close designated parking." But I found this description written by a previous Realtor that makes the place seem pretty special: "Located In The World Renowned Truman Annex In Down Town Town Key West Has Been Meticulously Upgraded. Crown Moldings, Superior Trim Work, Hand Made Built In Entertainment Center, Custom Wood Work!"

Truman Annex is located two blocks east of Duval Street on land that was previously a United States naval base. That property was annexed to the City of Key West about twenty years ago. Truman Annex was developed as master planned community of condominiums, town homes, and single family homes. The location provides immediate access to all that Old Town Key West has to offer. And the location is an easy five minute walk to Ft. Zachary Taylor Beach.

Ft. Zach is a really special place to Key Westers. There is a little You Tube video about the efforts of Key Westers to save the Australian Pines that are such a magical part of Ft. Zach. Take a few minutes and watch. It will give you a sense of how much we love our island home. (By the way, we won!)

If you want to purchase a single family home in Old Town with a Transient License, you may want to take a look at 214 Fleming Street. Please call me, Gary Thomas, 305-766-2642 or contact me at kw1101v@ao.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. I spent my Sunday afternoon looking for a deal just for you.

Licensed to Make Money - Key West Waterfront Condo

Just listed (but not by me) 1500 Atlantic Boulevard Unit No. 108, Key West Beach Club Condominiums. Besides being located directly on the Atlantic Ocean (as opposed to having a view), this 1500 square foot three bedroom two bath unit has a Transient License. That means you can legally rent the unit everyday of the year to help defray costs. Unit No. 108 is offered at $895,000 or $597 per sq ft.

This is how the listing Realtor describes this new listing:

"True Oceanfront with a Transient License! Spectacular Views and All of the Quiet Elegance for which The Key West Beach Club is so Well Known. Your Own Private 345 Square Foot Oceanfront Balcony. Oceanfront Tennis Court. Two Oceanfront Swimming Pools with Covered Outdoor Grill Entertainment Areas. Oceanfront Gym. Life in Paradise is Best When Lived on the Water!"

CLICK HERE to see the mls listing information and view photos of the interior of the unit.

Even though our office does property management, I always tell buyers that want to purchase an income property that they should keep the property with the current property management company unless they feel that company is not doing an adequate job or the personalities don't mesh. This unit is managed by another company that does a good job. I have recommended this company to other buyers. This is how the property manager describes Unit No. 108. "Unique oceanfront living sitting 65 feet from the Atlantic. Listen to the water as ocean breezes cool you. This elegant 3 bedroom/ 2 bath unit features a huge oceanfront balcony accessed from both the living/dining area and master bedroom. The unit features central heat/air, cable TV, washer/dryer, well equipped kitchens, 2 baths, security entry, and elevator access. There is one reserved parking space. Resort amenities include heated oceanside pool, tennis court, outside cooking facilities, workout room and sauna."

Rents on all transient properties in Key West vary depending on date and length of stay. Unit No. 108 rents from $340 to $520 per day and $2310 to $3640 per week. Experienced property managers have repeatedly told me that three bedroom units (such as this) tend to rent more quickly than two bedroom units because they can accommodate more people more easily.

Every time I take prospective buyers into a unit at the Key West Beach Club they are awed by the view. Each unit is located directly on the water. None of the units have a partial water view. Every unit has a dead-on up close view of the Atlantic Ocean. The beach is just below. The neighboring units do not have views of the balcony unlike many other condos in Key West. And the ocean view at night is just magical with the twinkle of little lights on boats far away.

If you are thinking of buying a second home in Key West with a transient rental license, please contact me, Gary Thomas, at 305.766.2642 or by e-mail at kw1101v@aol.com to get more information on 1500 Atlantic Unit No. 108 or any other property in Key West. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Shopping Lessons

I am bored with TV. The over-paid programming executives (except for the USA Network!) have ruined TV. There is nothing new and plenty of old that has been re-furbished to look "new". I watched the trailers on the new ABC TV program called "V" and thought I had seen all of this before. I did. About 20 years ago. Reality TV is cheaper to produce so we get to see races and hear the filthiest insults from so called adults acting worse than children. Why in the world would I ever want to buy their designs or eat their food is beyond me. And HBO, once my favorite place on TV, has grown old and wary. I am paying well over a hundred dollars a month for cable TV and getting little that really interests me. That is until I found the Sundance Channel's new series "MAN SHOPS GLOBE".

The program follows Keith Johnson (buyer-at-large for the Anthropolgie stores) as he goes around the world looking for antiques and objects that he can take back to the US where his company can either use them as marketing displays or as a prototype that can be reproduced for resale. He seeks out things that nobody has seen before or he creates new things by re-interpreting old things. Example: on a trip to Belgium he found a beautiful old wood headboard with lots of character. Nothing new about that. But he found this talented graffiti artist and told the guy to create. I know we have all seen painted furniture, but what this kid did was entirely different.

Keith Johnson tells the viewer the purpose of each destination and the general types of things he seeks. On his trip to France he wanted a few really grand one-of-a-kind pieces that could be used as major display items in the Anthropologie stores. He shared his frustration with over-priced items in Paris. He took us along to Avignon to the flea market and later to an artists studio. He gave up a lot of information on price negotiation methods. I'm not sure he really should have done that. His negotiating style was definitely worth watching.

The series' official website MAN SHOPS GLOBE has lots of helpful information about each destination Keith Johnson visited. There are useful links and some great photographs that provide more detailed information for someone like myself who was just totally taken by this series. You can watch full episodes ON DEMAND or when they appear on the Sundance Channel.

Keith Johnson is quoted as saying

"The flea markets in France are legendary. The best part of the Saint-Ouen Flea Market in Paris is the Paul Bert Section. It has the most decorative things. My advice on buying is to ask yourself, "How much is this worth to me?" Then bargain, be fair and be willing to walk away. The truth is that you'll only regret the things you don't buy... you'll never regret what you do buy. In the context of the market, surrounded by similar objects, a piece may not seem special. That's the hardest part of being a buyer - taking things out of context."

The thing I appreciate most about Keith Johnson is his collegial style. He's obviously successful but he does not come across like some know it all that talks through his teeth with disdain for little people. Instead he asks opinions of others and gives them the opportunity to create.

Go to the Food Network to learn how to cook something or watch DYI to learn how to fix something. But if you want to learn how to shop and get something you really want, watch "MAN SHOPS GLOBE" on the Sundance Channel and take shopping lessons from an expert. If you are thinking of buying a place in Key West keep Keith Johnson's admonition in mind "The truth is that you'll only regret the things you don't buy... you'll never regret what you do buy."

If you want to go real estate shopping with a Keith Johnson wannabe, 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. in Key West, Florida.

Disparate* House Buys - Key West

*Disparate
Function: adjective
Etymology: Middle English desparat, from Latin disparatus, past participle of disparare to separate, from dis- + parare to prepare — more at pare
Date: 15th century
1 : containing or made up of fundamentally different and often incongruous elements
2 : markedly distinct in quality or character
synonyms see different" from the Merriam Webster Online Dictionary.

I thought it would be interesting to compare similarly priced properties that are located in good locations in the Old Town, Casa Marina and Meadows areas of Key West. The point of the comparison is to show the disparity of similarly priced homes in desirable locations. My criteria:

Property Type Residential
Include Property Subtype Single Family County Monroe County
Statuses Active, Active-Short Sale
Price 1,600,000 to 1,800,000 Area Area 1-2

CLICK HERE to view the ten houses that fit that criteria. I wrote about the smallest of the houses at 511 Frances last week. It is priced at $1,649,000 or $970 per sq ft. The largest of the properties is located at 1307 Truman Avenue. It is a short sale and it is priced at $1,799,000 or $395 per sq ft. (Both properties are listings of my office.) 1307 Truman Avenue is also the least expensive house on a per sq ft basis. The most expensive property on a per sq ft basis is located at 608 Angela Street. It is priced at $1041 per sq ft. (I previously wrote about both houses in detail. 608 Angela is cute, has a great location, was the former home of actor Richard Burton's father, yada, yada, yada. The house at 1307 Truman Avenue is the grande dame of Truman. It is a house from another age and is so damned big that it is almost impractical as a single family residence. I happen to think it is an incredible buy. (I wish I had a buyer for it.)

All houses, even in the same areas and that are similarly priced, are not equal. The average price per square foot on the ten houses is $708. Using that as a benchmark, do your own price point comparison between the various houses. You can see for yourself the disparity between the asking price, size, location, and amenities offered in each of the ten properties.

I need to mention once again the best bargain in Key West: 906 Johnson Street. CLICK HERE to see why I think this house is such a great value. It is offered as a short sale at $1,769,000 or $476 per sq ft -- that is $272 less than the average price of the ten homes shown above on a per square foot basis. 906 Johnson Street was listed earlier this year before it became a short sale at $3,495,000. Somebody is going to get the bargain of this new century on this house.

If you are looking to purchase a primary residence or a second home in Key West please call me, Gary Thomas, 305-766-2642 or contact me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. Our office is the exclusive lower Florida Keys affiliate of Christie's Great Estates.

October Real Estate Sales in Key West

There were several real estate closings in October that mark the resilience of the Key West real estate market. There were 18 single family home sales in all of Key West. I found 4 single family short sales and one bank owned sale during that time. There was only one sale in the core area of Old Town. ( It was a small Conch house at 726 Fleming Street. Great location and it had a pool. But I don't think the city knows there is a pool there. It looked more "homemade" than any pool I ever saw. The place has a transient license, but the license had not been used in years. That house sold at $537 per sq ft.) In October 2008 there were 14 single family home sales. That is a 23% increase in sales over last year.

There were 13 condo and townhome sales in October 2009. We had the same number in 2008. Four of the 13 were noted as short sales and three were shown as bank owned. But CLICK HERE to see a shocker. I missed it when it happened because I did not recognize the street address. You see there have not been many sales at 281 Trumbo Road (more commonly referred to as The Steam Plant). This 2884 sq ft unit was sold Doug Mayberry for a whopping $2,835,000 or $980 per sq ft. Congrats!

I was also encouraged by the brisk activity of recent listings that went under contract this past month. 907 Elizabeth Street, 1126 Stump Lane, 709 Windsor Lane (all Old Town locations) went under contract within a couple of days of being listed. Despite what some naysayers may espouse, the Key West real estate market is very active.

It is listing season again. Many sellers traditionally wait until just before the holidays to list houses for sale. The asking prices for Old Town and Casa Marina appear to be rising on a per sq ft basis for nicer homes in the Old Town and Casa Marina areas. I'm not saying that the sales prices are up there, but the asking prices are starting to rise. There aren't many houses under $1 million in Old Town or Casa Marina. But there are a lot of single family homes priced just under $1.8 million and higher in those same areas. It will be interesting to see how the law of supply and demand works out. I know there are some very pricey houses whose owners need to sell. And there are some cash rich buyers looking for a prize property at a bargain price.

There are still plenty of condos and townhomes on the market, but the availability of units in some locations (like the Key West Golf Club) is starting to shrink. Most of the cheaper units are not where second home buyers want to be. Eighteen of the houses or condos that sold in October were priced at or under $500,000 with an average price per of $254 per sq ft. Again, most of those units are in areas that most second home owners would not consider as a second home location (except the golf course or Old Town).

The market is contracting. The market is demanding. The market is not egalitarian.

CLICK HERE to search the real Key West Association of Realtors mls database. If you see a property that you like, please contact me, Gary Thomas, 305-766-2642 or reach me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.