Behind the Key West Real Estate Sales Report

The Key West Citizen,the local newspaper, regularly publishes a sales analysis provided by another real estate company with offices throughout the Florida Keys. All Realtors have access to the same statistical data, the Key West Association of Realtors database. Private sales where Realtors are not involved are not reported in the statistical data.

The front page of last Sundays Citizen ran this item "Keys home sales lag, In Key West, sales plummet". CLICK HERE to read the article. Within a couple of hours I got an email from a reader asking what I thought. I had read the same story before I got the email so I already had done some fact checking on my own.

The premise of Sunday's article is that real estate sales throughout the Florida Keys are down and that Key West sales are down significantly. The article stated "Key West sales plummeted 27 percent, from 138 last year to 81 this year, while sales remained stagnant in the Lower and Upper keys." I did my own checking and found numbers to be a little different but the same general result.

2009 (July 1 to October 1)
Total residential units sold in all Florida Keys 501

2010 (July 1 to October 1)
Total residential units sold in all Florida Keys 483

Then I researched sales from Key West sales up to and including Shark Key because those areas includes Stock Island, the Key West Golf Club, and Key Haven. Then I looked at three price groups to see how each fared.

$1,000,000 and above
2009 (July 1 to October 1)
Total residential units sold in Key West 183 with 9 sales over $1,000,000
(The 9 homes sold for an average sq ft price of $588. Only one house was bank owned and it sold for $438 per sq ft.)

2010 (July 1 to October 1)
Total residential units sold in Key West 112 with 5 sales over $1,000,000
(The 5 homes sold for an average sq ft price of $525. Only one house was bank owned [916 Fleming which sold for $493 per sq ft. It was an incredible bargain.])

$500,000 to $999,000
2009 (July 1 to October 1)
Total residential units sold in Key West 25 at an averages sales price per sq ft of $418

2010 (July 1 to October 1)
Total residential units sold in Key West 14 at an average sales price per sq ft of $434

$200,000 to $499,000
2009 (July 1 to October 1)
Total residential units sold in Key West 19 at an average sales price per sq ft of $275

2010 (July 1 to October 1)
Total residential units sold in Key West 64 at an average sales price per sq ft of $294

I talk with other Realtors all the time and ask how they are doing. Most have been reporting slow sales. I can tell by what is going under contract (as reported by changes in the Key West Association of Realtors mls from "active" to "contingent" status) that the market is soft, but it is always "soft" during this time of every year. The solds for the three month time period in 2010 compared to 2009 are down significantly.

People are not buying the big houses-homes priced over $1,000,000. It's not that buyers are not looking. They are. They just are not buying.

Our office lost the sale of a major Key West house because of the oil spill. The buyer balked a few days prior to the scheduled closing because of the oil spill. I don't know how many other deals in all price ranges that may have failed. I did have a sale that closed, but my buyer was wavering until the last minute. The media got a lot of people riled up about the prospect of Key West and the coral reefs being damaged by the oil spill. The same thing happens almost every summer when CNN or the Weather Channel send bimbos down here to stand at the Southernmost Point whose job it is to predict the demise of Key West.

If that multi-million dollar sale had closed at the price I heard, it would have signaled other buyers looking to spend big bucks that it was okay to buy. Nobody wants to be the fool-the guy that spends too much or who buys too soon. The guy who buys an iconic house in a place like Key West gets noticed. People talk about him. People write about him in the papers and in blogs. Realtors tell potential buyers about the guy that got the great house at a great price. That sale gives permission for other buyers to follow. But the deal that could have given lots of buyers permission to buy did not occur because of the hysteria about an oil slick that did not happen in Key West.

The Key West real estate market traditionally "tests" new market highs. I have seen it happen again and again over the years. While we have sold houses at higher prices than those currently available, buyers are resisting purchasing until they feel it is safe. I think this persisting reticence gives a real buyer actually looking to purchases a big house tremendous leverage.

The inventory of mid-priced houses ($500,000 to $999,000) in the Old Town area is small. These are the homes most second home owners are looking to purchase. If homes that are priced higher were reduced to a more realistic sales price, they would have a better chance of getting sold.

Homes, condos, and townhomes in the $200,000 t0 $500,000 range continue to be very popular. The majority of those sales are bank owned properties and short sales. That inventory is getting depleted. There will be new bank owned properties, but I think the number of new units will be fewer. The banks are getting better at evaluating new short sale contracts, and they are moving through the system much quicker than previously. Many of the properties in this price range are being purchased by full time Key West residents and investors who see the low market prices as buying opportunities. The Key West Golf Club has had a tremendous run. (I have sold 11 units there during the past year.)

CLICK HERE to search the Key West mls database. See for yourself what is available in your price range. I'll bet you will not see much to choose from. There is still a bunch of junk for sale in bad locations. There are still a lot of properties that are priced too high for this market. Nobody is going to look at a house that is priced too high because they envision an unreasonable seller. Buyers avoid looking at a house they expect they might like if they expect the seller is an idiot.

The heartening news from Sunday's news article about plummeting prices is the fact that the sales price per sq ft has gone up for houses priced between $200,000 to $1,000,000. The number of units sold is down compared to last year which was a much better year than 2008.

If a seller really wants to sell, he or she needs to meet the market. I recommend that sellers obtain an appraisal from a disinterested certified real estate appraiser and set the asking price at the appraised price. (I know real estate agents can do CMAs. Too many agents overstate potential sales prices just too get listings.) And too many sellers continue to set the asking prices higher than the price they want and they end up missing the market. We have five good months of potential sales coming up. Let's see how many sellers actually meet the market and achieve their goals.

If you are looking to purchase a home in Key West, please contact me, Gary Thomas, 305-766-2642 or by email at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. I am pretty much a buyer's agent but I take an occasional listing (which I then sell).

1116 Stump Lane "Little Paradise" - Old Town - Key West

Little Paradise in Key West is now offered for sale. Just listed by Preferred Properties (that's where I work) is 1116 Stump Lane in Old Town Key West. Stump Lane is a one-way lane that is entered from White Street and exits onto Frances. It is situated between Fleming Street to the north and Southard Street to the south. CLICK HERE to see an aerial Google Map photo of the area. In his book The Streets of Key West: a History Through Street Names, J. Willis Burke says "Running parallel to Curry is Stump Lane, once called Garrison due to its location near the Army barracks. Stump Lane is named for the Charles Stump family." (Go back and look at the Google map. That big area east of White is the former Army base.)

The listing Realtor describes 1116 Stump Lane this way:

" Artist cottage on quiet lane in the heart of Old Town Key West. Well maintained home with large outdoor area with hot tub. Transient license to convey for the buyer looking for an investment. Hurry! Won't last long!"

Did you notice the words "Transient license"? Our office also manages this property and you may find the description there more helpful:

"The perfect place to relax in your own little paradise, located on a quiet historic Old Town lane. This unique Conch Cottage is pet friendly and features front and side covered porches, vaulted ceilings, an open floor plan, and also offers a fully equipped kitchen with easy access to the outside deck. You can access the spacious and shady deck which provides lots of privacy where you can grill, dine outside, and soak in the hot tub. The master bedroom has a queen bed, and the second bedroom offers 2 twin beds and opens to the cozy living room. Tucked away from the living area, is a spacious and bright bathroom with a tub/shower which also houses the washer/dryer. Sliding glass doors open from the living room to another small side deck where you can relax and read a book, or have your morning coffee. "

The cottage is just 858 sq ft and it sits on a 50' x 40' (2000 sq ft) lot. There are two bedrooms and one bath. The asking price is $615,000. CLICK HERE to checkout the mls datasheet and to view listing photos. (By the way the listing sheet is in error as to date of construction. The Monroe County Tax Appraiser says this house was built in 1906. I even have an old time photo taken in 1965 CLICK HERE.

A Transient license permits an owner to rent a home every day of the year to somebody different. We have lots of "different" people here. Boy, do we. Places like this typically are rented either weekly or monthly and sometimes for the season. It is the ability to rent a home to different tenants more than one time per month that separates a place with a Transient license apart from a place where an owner is limited to just one rental per month. The difference can mean a substantial increase in income over the course of a year.

I sold a neighboring cottage on Stump Lane last year. The new owners love it. The location is so Key Westy. Here are a couple of photos of neighboring homes.


If you are looking for your place in Paradise, please call me, Gary Thomas, 305.766.2642, to see Little Paradise. 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.

Key West: Bohemia in the Tropics

I found these photos on the Internet the other day. They bothered the hell out of me. They are of a warning sign in the DuPont Circle area of Washington, D.C. I haven't been there for several years. In fact I haven't been to very many places outside of Key West for several years. When I leave this little island I get very anxious and bothered. Everything elsewhere seems so foreign and much of it seems threatening.

My life in Key West is so normal and predictable (and maybe boring). Most of Old Town looks today like it looked a hundred years ago, only now there are lots of trees and white picket fences. It is as if I live in a place where time didn't necessarily stand still, but it didn't spin out of control either. It's not just the old buildings that stayed normal. The people here are normal-in a slightly off-center way. The Conchs who have lived here for generations are the primary reason for the stability. They keep things grounded. They treat others (especially elders) with respect. I was looking for some old Key West photos the other day and ran across a discussion of locals where the author mentioned a host of locals this way: "Mr. Johnny Hernandez, Dr. Julio DePoo, Mr. Earl R. Adams, Judge Raymond Lord, Judge Jack Saunders, Mr. Arthur Lujan, Mr. Glynn R.Archer Jr. Mr. T.R. Roberts, Mr. Charles Pritchard, Mr. Joe Balbontin and Mr. Woodsy Niles". In talking with C0nchs they invariably refer to others as Mr. or Miss or Mrs. as a matter of respect. The receptionist at my doctor's office calls me "Mr. Gary".

It's not the way we address or refer to each other, it is the way we treat each other. I have only been cheated by one Conch and that is a local appliance repair company. One time in seventeen years of living here. It had to happen. Some people, on the other hand, go out of their way to be helpful. And after 9-11 this town was filled with people being nicer than ever. Even the people that move here that work in the shops on Duval Street were nice. They often have the worst attitudes of anybody, but they were nice, too.

There's a lot of momentary chatter on TV and on the Internet about the T.S.A. and the new passenger screening. There is always something to get people stirred up about. Those damned bastards that brought down the World Trade Center really messed up our lives. We were messed up before 9-11, but they made it worse. Under the Bush Administration we had color coded threat alerts. Now we have total body scans and intrusive pat-downs. Who in their right mind would pat down some old lady or little kid? But now everybody is suspect.

Now there are solar powered signs urging us to report suspicious activity. We don't have any signs like those in Key West. We don't need them. Life up north in America may be turning into the society George Orwell envisioned in 1984. Here, in Key West, life continues to be Bohemia in the Tropics.

Speaking of which, if you are in the reach of Miami and Fort Lauderdale television, you can watch a program tonight on WLRN (public television) entitled Key West: Bohemia in the Tropics at 8:00 PM. It will be repeated at other times this week.

If I had a Hammer...

I get phone calls and emails from potential buyers that want to buy a fixer and build their own Key West Dream Home. I get it. I understand. But when I send them photos of existing properties for sale (as shown in our user-friendly Key West Association of Realtors mls database), many potential buyers see prices that they think are too high or locations that they don't like. I get that, too. I understand their pain.

507 Amelia Street - November 2010

I have shown the house at 507 Amelia Street a couple of times over the past two years. Yes, that property has been on the market a long time. The price has been reduced a bit. It is now offered for sale at $549,000. Perhaps a potential buyer with an itch to renovate will read today's blog and decide to take a look at the Amelia Street house with me. Read on, Dear Reader.

507 Amelia Street - 1965

I found an old photo above of 507 Amelia Street that was taken in 1965. The Monroe County Appraiser says this house was built in the 1920's but does not state a firm date. A similar house across the street is shown as being built in 1928. We know that this house is between 80 to 90 years old. It has been updated. The Property Appraiser shows some permits in the 1980's and 1990's. I don't recall anything significant having been done recently, and that's why I think this might make an interesting renovation project.

The listing Realtor describes 507 Amelia Street this way:

"Located only a half a block off Duval on a dead-end lane is this sweet conch house with a spacious yard, front porch and parking for two cars. Perfect for a vacation / second home as is but location could support improvement as well. Plenty of room for a pool. If you want to live within walking distance of all that Key West has to offer, this is a perfect home. Zoning allows for transient use with restrictions."

World Famous La Te Da

507 Amelia Street is about 125 feet up on the left side

The 500 block of Amelia Street is a small dead end street located about 200 feet north of LaTeDa. This block has several houses built during the same time and almost all have been remodeled and are now used as transient rentals or vacation rentals.

CLICK HERE to see a Google Map aerial view of 507 Amelia Street. When you look at the aerial view you will appreciate the size of the existing house, a separate (and legal) 285 sq ft building at the rear, a large detached carport, and lots of open space between. Remember the listing words "...Zoning allows for transient use with restrictions". Houses on all sides on this block have transient licenses. ( A new owner would have to verify that he or she could purchase and move a transient license to the location.) Any owner could rent a house in that location as a monthly vacation rental without purchasing a transient license.

The lovely cottage home directly across from 507 Amelia Street

The existing house is 1064 sq ft (plus unit in back which has 285 sq ft) which sit on a 3964 sq ft lot (irregular shaped 51' x 87' or so). CLICK HERE to see the mls listing and photos. I don't think interior photos are particularly helpful since I see this as a renovation project. The house itself is perfectly livable as is, but second home buyers want a place that is all fixed up with a pool and guest house. If I had a hammer and I were the buyer, I'd rip of the existing interiors, windows, and doors, vault the ceiling, and remake the house the way I want it. I'd fix up that unit in the back or maybe extend the existing house to attach to the building. I'd tear down that awful carport and put in brick pavers to accommodate two cars. Then I'd erect a nice white picket fence to set off the parking area from the new pool and outdoor living area off the remodeled house and guest cottage. I'd build my own little island paradise. That's what I'd do if I had a hammer.

What would you do if you had a hammer?

Many people buy fixers hire local contractors to do the work for them. But if you have the skills and want a project house, the house at 507 Amelia Street might work for you. This property is a listing of Preferred Properties Coastal Realty, Inc. (That's where I work.) If you would like to see this house, please call me, Gary Thomas, 305.766.2642. Let's go see this old place and see what you could do if you had a hammer.

905 Elizabeth Street - Old Town - Key West

2004 Historic Preservation Award Recipient

The listing Realtor of 905 Elizabeth Street describes this award winning home this way:

"This fully-renovated 4 bedroom, 3.5 bath house on a quiet street in Old Town surprises. Renovation won coveted 2004 Historic Preservation Award. House naturally flows from living and dining areas through French doors to private outdoor tropical setting with semi-enclosed rear porch, lush landscaping, pool and spa. Outdoor cooking and entertainment zone was featured in a 2009 national publication. Upstairs is the master suite with ensuite bath, vaulted ceilings and French doors leading to a wonderful balcony, plus additional bedrooms and bath. Downstairs bedroom with ensuite bath plus a powder room make this property ideal for guests and a large family. Classic historic house with modern additions, provides indoor outdoor living at its best!"

"French doors to private outdoor tropical setting with semi-enclosed rear porch"

Potential buyers that want a "big" house should look at this property. The listing agent shows the property as having 2091 sq ft of living space. If you live up north or the Midwest that may not seem very large. But 2091 sq ft of living space is a big deal in Old Town. The lot is also fairly large for Old Town: 25' X 131' or 3275 sq ft. I always tell people you have no idea what sits behind so many of the houses in Old Town. Consider the remark of the listing agent about this house as being a "surprise" as an invitation to see what is beyond the facade. And a pretty facade it is.

If you have done your "looking" at Key West homes, you already know that thoughtfully remodeled homes always try to create a seamless transition between indoor and outdoor living areas. We come to Key West to live in the outdoors as much as possible. The weather in Key West beats the cold snowy messy gray days and nights in New Jersey. Look at the night time photo below of the of the rear living area overlooking the pool. Take a glance to the second floor as well. You will soon see that the outside is a big deal. Better yet, let's go take a look at this great property.


During the daytime you can let the outside in as shown in the photo below taken in the living room which opens onto the ground level deck.

The above photo was taken in the master bedroom which has a very private second floor balcony that overlooks the pool (shown below). Note the outdoor kitchen at the rear of the pool.

Cheeseburgers in Paradise forever!

CLICK HERE for more detailed information and to view several photos of this really charming home. 905 Elizabeth Street is offered at $1,295,000.

If you would like to see this home or any other property listed for sale in Key West, 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.

806 Shavers Lane - Old Town - Key West

The cute new listing at 806 Shavers Lane in Old Town Key West is one you won't soon forget. You walk in the front door and POW! the entire living space lights up with an explosion of color.


Shavers Lane is located one-half block west of Duval Street and just south of Petronia Street or north of Olivia Street. The lane is so small and discrete that most locals would need a map to find it. But if you know the area, you know this home is close to all the rah! rah! on Duval.

The listing Realtor describes 806 Shavers Lane this way:

"Built by one of Key West Premier builders, is this cheerful Conch style home in the very Center of Old Town. On the main level you have a very large living/dining/kitchen area which all opens to a very private pool and garden area with beautiful tropical landscaping. Also on the first level are several closets and 1/2 bath. On the second level there are two identical bedrooms with a shared bath and terraces. The master bedroom is more than ample with a walk-in closet and private bath and its' own terrace. There is room for two off street parking with a gate. Furniture available."

806 Shavers Lane is offered at $729,000 or $521 per sq ft for this three bedroom two and 1/2 bath home with a pool and bricked off-street parking in Old Town. The house was built in 1999. I took photos of the house yesterday and did not see any signs of deferred maintenance. CLICK HERE to see the photos I took.


The main floor is typical Key West comfortable living area with combined living, dining, and kitchen areas. Two sets of French doors open out onto the large deck, pool and rear garden. Upstairs there are two bedrooms in front that share a front balcony to overlook Shavers Lane. The master suite is at the rear and it has its own rear balcony to overlook the pool below. There is even a chair-elevator installed in the closet in case you have someone that has difficulty walking stairs.

CLICK HERE to checkout the mls datasheet and view the listing photos of this great property. Better yet, please call me, Gary Thomas, 305-766-2642 to arrange a showing of this home. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

531 Margaret Street - Old Town - Key West

531 Margaret Street in November 2010

531 Margaret Street in 1965

The new listing at 531 Margaret Street ought to sell pretty quickly, I think. It has four of the five most common requirements from most buyers: (1) good location; (2) two bedrooms and two bathrooms; (3) charm; and (4) a pool. The fifth most common requirement is off street parking. Not available here, however. This 841 sq ft tow story home is priced at just $475,000 or $565 per sq ft. I found an old photo of this house (above). Note how part of the front porch got enclosed and how a second floor addition was added to the rear. The county records show this house was built around 1889.

The listing Realtor describes this property like this:

"Great location, walk to everything- Historic Seaport, restaurants, and Duval St. This home has great back yard space, a pool, completely fenced yard, and a large upstairs loft master bedroom with outside deck, walk- in closet, and bath. Downstairs is another bedroom with a private side deck, high ceilings in the living room with clerestory windows, and a kitchen with french doors leading to outdoor covered space, decking, garden and pool area."

Mangia Mangia is up on the corner

Michael's Restaurant is across the street

There are several very expensive homes located in 500 block of Margaret Street. And there are a couple of others that have been on the market for quite a while. I suspect one or more of these properties will be purchased in the next few months as the existing housing supply for Old Town homes in good locations is dwindling. A major renovation is going on down the block a few houses to the north. I understand that property will be used as the guest house for a major home on Fleming Street. A new home (another guest house to a separate Fleming Street home) is just being completed in the 400 block of Margaret. (You won't believe your eyes when you see how great this new addition to Key West is.)

Margaret Street looking south

The house next door at 903 Southard Street went under contract the first day it was listed in January 2010. That short sale property had two bedrooms, one bath, a pool but no parking. It sold last month for $420,000 or $707 per sq ft. That property was highly desirable because of its location and amenities.

I think 531 Margaret Street ought to sell quite quickly at the asking price. I have not been inside so I can't tell you about the age of improvements or flaws with the property. But I can tell you that the house is priced to appeal to a very wide audience of potential buyers: people who want two bedrooms, two baths, a pool, and charm with a great Old Town location. This house offers most of what potential buyers want. They can't buy the parking space, but everything else is included in the asking price. CLICK HERE to checkout the mls datasheet and to review listing photos.

Please call me, Gary Thomas, 305-766-2642, if you would like to see this listing (not mine). I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. If you bought this home now, you would be able to have the use of your dream home this coming season.

1327 White Street - Key West - Bank Owned Grand Conch House

1327 White Street - Key West - Bank Owned - Grand Conch House

Just listed by Preferred Properties (that's where I work), 1327 White Street in the Casa Marina area of Key West, Florida. This Grand Conch House is Bank Owned.

This is how the listing broker describes 1327White Street:

"This beautiful conch style home offers wonderful architectural features such as gracious front porch, gorgeous hardwood floors, exposed wood walls and ceilings, multiple sets of tall windows, crown moldings and four bedrooms including a third story bedroom with it's own 350 sq. ft. terrace offering treetop views of the island. There is also a den and four and a half baths all with beautiful stone and tile floors. The kitchen has a wood lined pantry and there is a separate laundry room. The grounds feature one off-street parking space plus a pool and spa. This home offers a lot of character and sq. footage."

Not a North American Salt Box by any means!

This house was made for someone that wants a big house with lots of interesting rooms and spaces. This house is the anti-salt box because the geometry of the place is so varied. Look at the photo just above. That proves my point for sure. Lots of angles and numerous building materials have blended historic sensibility and current trends together to create a really unique living space. This property has 2414 sq ft of living space. The third floor can be either used as a fifth bedroom or game room. That room provides access to the private roof top deck with commanding tree-top views of the island and the large kidney shaped pool and separate spa below. There are very few homes in Key West that have this kind of view!

The house sits on a large 4678 sq ft (46.75' x 100.08') located five blocks from the Atlantic Ocean. A white picket fence spans the front of the property. A large gate on the right provides access to the large off street parking space. Notice the wooden trellis to the right in the photo below. The house faces west onto White Street. The southern side yard is quite large. The parking space is located there (as noted above). Multiple sets of French doors open to the rear side yard and back deck and pool area. The pool area is surrounded on three sides by mature specimen palm trees. The pool and spa are quite large, but there is plenty of room left over for outdoor living. There is an existing shed with water that a new owner might want to expand and turn into an outdoor kitchen. That's the trend for high end homes.

A gracious front porch welcomes guests and provides ample space to sit and watch the world go by. Higg's Beach and Rest Beach are just four blocks to the south. The shops and restaurants of the Key West arts district are three blocks to the north and Duval Street is five minutes by bike to the west.


Guests enter into a large semi-formal entry way with a grand staircase to the second floor to the left and a large living room to the right. This home is filled with Dade County Pine which is accented by bright white crown molding, columns, and trim. The southwest corner of the room has a bay window that creates an interesting design element for this room (and which is repeated in the sitting room portion of the master suite on the second floor). The rear third of the of the main floor space houses the kitchen and dining areas. Three sets of French doors open onto the pool and garden area from this location.

The massive staircase brings guests to the second floor landing where the extra master suite with sitting area, bedroom, and en-suite bath are located. Two other bedrooms and baths share this floor. The third floor has an extra large bedroom or game room plus bath. This floor also provides access to a huge rooftop deck with "forever" views of the island.

The pool area is behind the house but gardens are located on all four sides of the property. A small building at the right rear is just aching to be converted into an outdoor kitchen.

1327 White Street is Bank Owned. It is offered for sale at $1,500,000 or $621 per sq ft. CLICK HERE to checkout the mls datasheet and to view photos of the this property.

If you would like to see 1327 White Street (or any other house in Key West), 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.