Laughing in (Key West) Florida

If you are among the many freezing up north right now and are dreaming of someday owning a place in Key West, please consider the following. I did a quick analysis of the November 2010 single family home sales in Key West and compared those numbers to 2008 and 2009.

November 2010 - 15 total sales
Bank 1
Short Sale 2
Market 12
5 in Old Town with the lowest $435,000 for a fixer and the highest $1,475,000 in Truman Annex
Average Old Town price per sq ft $441

CLICK HERE to see what sold in November 2010.

November 2009 - 22 total sales
Bank 8
Short Sale 4
Market 10
Average Old Town price per sq ft $509

CLICK HERE to see what sold in November 2009

November 2008 - 6 total sales
Bank 2
Short Sale 3
Market 1
Average Old Town price per sq ft $765 (only one sale but good location)

CLICK HERE to see what sold in 2008

I have often said that statistics lie and liars use statistics. Politicians lie every day. Dogs lie in the middle of the floor. I am sure someone will see the fewer number of sales in 2010 from 2009 as an omen of doom and gloom. But 2010 is double the sales of 2008. The price per sq ft in Old Town in 2008 (with just one sale) and 2009 (with 5 sales) is higher than 2010 in Old Town. Go back and look at the two higher end houses that sold in 2009: one was at 1108 Fleming and the other at 631 Southard. Both are great locations. The Fleming Street property is a poster child for Key West charm and the Southard Street house was an incredible buy at $1,800,000. My point is that you can use the numbers to prove any thesis. The numbers for 2010 are better than 2008 on number of sales but not a price per foot basis. However, there was only one sale in 2008. There were an equal number of sales in 2009 and 2010 but 2009 was higher on a price per sq ft basis.

I checked the Monroe County public records to see what is happening in the world of foreclosures. I only compared foreclosures for the Key West to Stock Island because the rest of Monroe County is too far to drive and not areas where my buyers typically look. And I don't think what goes on in Key Largo has anything more to do with me than what goes on in Havana. Both are about the same number of miles away from Key West.

There were 4 new bank owned properties in all of Key West in November (plus one week at the Galleon Resort which I do not count). During the same time 11 new lis pendens were filed in my target area plus one for another unit at the Galleon Resort. (Why do people buy timeshares? I have never understood that.) A lis pendens is the document lenders file the with Clerk of the Court (county clerk in most locations) that tells the world the lender is taking legal action that is adverse to the owner and that usually means a foreclosure lawsuit has been filed. I acknowledge that a few national lenders have stepped back from filing new foreclosures so I am not sure if the current small number of new lis pendens filings means other foreclosures will be filed en mass once the moratorium is lifted. Time will tell on that. (I don't believe there are that many new foreclosures being withheld, however.)

I then checked the Clerk's records to see how many Key West properties became bank owned in 2009. The answer was 10 in Key West plus 19 more timeshares. Again, I don't count timeshares as they are evidence of too many cocktails and poor judgment.

Since foreclosures take so long to actually occur, it looks to me like the foreclosures in 2010 are down significantly from 2009. This follows the trend that I previously have written about.

If the politicians in Washington would stop playing politics and start to do the peoples' business, we could get things moving more expeditiously than they are. The good news nationally is that the economy is starting to recover and some businesses are starting to hire. Once people get being over being afraid of the future and embrace it, money will start to flow.

It happens every January - forever

I believe prices today are at the low point. I think we will see our real estate market move up significantly in January. The snowbirds will soon be here and they will be looking for deals and they will buy. It happens every January. In the past 33 days 5 Old Town houses priced over $1,000,000 each went under contract. One of those is priced over $2.8 million. It went under contract yesterday. The average price per sq ft on the 5 houses is $652. When those houses sell (close) other buyers in the market are going to feel a lot better about buying now that others have made the decision that it is okay to buy in Key West.

If you are looking for a place in Key West, please consider working with me, Gary Thomas, 305-766-2642 or email 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. CLICK HERE to checkout the real Key West Association of Realtors mls database. If you see a place you like, please contact me. I left Colorado 17 years ago to get out of the cold. I love living in Paradise.

Seaside - Luxury Condos - Short Sales - Key West

While you were sleeping off your turkey coma, a local broker quietly listed 8 units for sale at the Seaside Resort. These units are developer units that were not previously sold. Each unit is being offered as a short sale.

Two of the units (67 and 72) are 2 bedroom and 2 baths with 1824 sq ft of living space. The asking price on these two units is $405,000 each. The remaining units are four stories each and have 4 bedrooms and 4 baths. Those units are now offered at $600,000 each. CLICK HERE to checkout the mls listings on these units.

These luxury town homes are located at the eastern end of the Island of Key West and have direct water views. The four bedroom units have 2736 sq ft of living space on four levels. You will find the garage, laundry,and storage on the ground floor plus about 500 sq ft of courtyard space which you might use as a private garden. This space faces South Roosevelt so you will get some noise from passing traffic. There are east facing balconies on each floor. And then there is that private rooftop sundeck where only God and people in low flying airplanes can see you. The airport is located further south and the flight path heads east then it turns south after planes reach open water. So my comment about low flying planes is in jest. Gotta explain that, sometimes.

There are ocean views from the master bedroom and living room. The kitchen is on the top level on the west side, and it has a vaulted ceiling and sunset views. The building is poured concrete construction and has Category 5 hurricane rated windows and doors.

I sometimes ride my bike out to this end of the island in the mornings--before it gets hot. The ocean is calm. The runners, rollerbladers, bicyclists, speed walkers, dog walkers, and people who just enjoy a casual walk populate the esplanade from 1800 Atlantic east past Smathers' Beach all the way down to the point where Flagler intersects South Roosevelt. I took the above photos late one afternoon and was reminded just how sweet this end of the island is. I could hear the birds yelling at each other about a food find. The temperature had cooled and the sun was preparing to put on its nightly show at Mallory Square. And I thought to myself that I could live there. I took in that view and envied those that get to see it everyday come rain or come shine.

One of the reasons people move to Key West is to experience living life on this island. It sometimes amazes me that some people end up living in places without any outside space. Being cheap can really be foolish. I mean why live in Paradise if you have to live in a room with no view or a place with no outdoor space?

I looked at the buildings and decided they are appropriately designed and built. They don't look like the charming little cottages and big Conch houses that populate Old Town Key West. But they re-interpret Old Town architecture without copying it. Ships chandlers built many of the grand old Conch houses in Old Town in the 19th Century. These grand new structures were built by 21st Century architects, engineers, and contractors whose job it was to design and build housing that can withstand our sometimes intense weather and the demands of modern day living.

Snowbirds may really find a place like this enticing. There are two swimming pools, a little corner grocery, and even a day spa withing walking distance. Theses units have a two car garage so you won't need to worry about your car getting rained on. Each unit has a private elevator to travel from floor to floor. That makes carrying groceries a snap. The area is totally secured and the grounds professionally maintained.

If you would like to see any of these units, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Some of these units are tenant occupied while others are vacant.

1175 William Street - Old Town - Key West

The secluded treasure at 1175 William Street in Old Town Key West was just listed. At this point I normally quote the listing Realtor, but since I am that person on this listing, I'll just keep writing.

You can't see the house of much of anything from the street because the entire property is so private. The corner property has a mature ficus hedge on Catherine and William Streets with tall palms just inside the property itself. The neighboring properties on the east and north are likewise privacy wall and fencing. The result is a very cloistered and sequester setting. Yet, the inside is teeming with whimsy and vitality at every turn.

You enter the home from a delightful garden with bricked pathway that surrounds the house on three sides. A set of French doors open into a beautiful foyer which leads to the living area to the right and the dining and kitchen to the left. The master bedroom is on the ground level to the northeast. There is a large guest room, den, or fourth bedroom located adjacent. And there is a bonus solarium (glass enclosed porch) on the south end. Upstairs you will find two delightful bedrooms and bath.

There are two focal points to this home. The first is the pool. The dining room, kitchen and great room & the master bedroom all look out to the beautiful pool. This, folks, is what living in Key West is all about. The outside becomes part of the inside and the view just captivates you. You look outside and say to yourself "How lucky am I!"

The kitchen has teak cabinets, granite counter tops, stainless steel appliances and a small butler's pantry. There is a side entrance so you can bring the groceries in from the off street parking (room for 3 cars) without traipsing through the entire house. A small breakfast nook provides a cool vignette to dine less formally. But the dining area is big enough to accommodate a large gathering. There is even a built in wet bar.

The master bedroom adjoins the pool on the south. The doors open out to the pool so you can lay in bed where you can drink your morning coffee and count your blessings for living in Key West while others up north have to freeze during the winter. There's a big closet area, too. (Not a lot of Old Town homes have this much closet space.) And few have as pretty a view.

Pool view from master bedroom door

The living area is on the south end. It's quite comfortable and that whimsy is going on here as well. The main level guest room/den is located adjacent and the solarium runs the width of the house at that location. A new owner might reconfigure that space into a much larger guest suite, but the existing space is quite large. Remodeling is not necessary-just a not too expensive an option.


The stairway to the second floor is just beautiful. It is the first thing you see when you enter the house. The second floor has two large and unique bedrooms both of which are large for Old Town homes.

The original portion of the home was built in 1938 and it is filled with Dade County Pine walls, ceilings, and floors. A recent addition that houses the great room and kitchen addition has cherry floors and a more contemporary design. The old and new easily blend together. Everything in this home has a place and everything is in place and very well maintained. The house has been freshly painted and I am not aware of any deferred maintenance.

The second focal point is the garden. You enter the property from the off street parking area through a white picket fence. Located just past the entry to the home is a trellis archway that invites you to walk around the house to view the delightful garden (irrigated by well water) and outdoor lighting. Little whimsical features appear and make the walk so pleasant. Not a lot. Just enough to catch the eye and make you smile.

CLICK HERE to checkout the mls database and to view the listing photos. You will note the asking price is just $750,000. This is a lot of house for that price, Dear Reader. I have more photos which you can look at if you CLICK HERE. Please take the time to take a look.

Better yet, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. I would love to show you this truly delightful home. You will be surprised at how much you can buy for the money.

1420 White Street - Bank Approved Short Sale - Key West

1420 White Street Key West

I wrote about 1420 White Street a few months ago. It needs a second look by serious home buyers looking for value in Key West and specifically in the Casa Marina area. The "asking price" on this short sale has already been approved by the lender. So the what ifs as to the price on this property are eliminated. There are other issues addressed below that still will require resolution, but I am optimistic they can also be resolved successfully.

I have only been inside the grand Conch House at 1420 White Street once, and that was several years ago when it was offered for sale at the price of $2,695,000. The inside had been carved up. The interior stairway between the main floor and second floor was removed so that the upstairs could be used as a separate apartment which has an exterior stairway entrance. The large side yard on the north was sold off and different owner built a beautiful new home.

The garage at the back had been made into an apartment years earlier, and that parcel was legally separated from the main house. The property was sold to a totally different owner for an outrageous price.

Despite the loss of the side yard and garage properties, the main house still stands as an anchor in the Casa Marina Area of Key West. It is now offered for sale at the short sale price of $470,000 or $190 per sq ft.

This is how the listing Realtor describes 1420 White Street:

"Casa Marina Area! This 2-story 5 bedroom, 3 bath home has over 2600 SF of living area. It sits on a large corner lot and is within walking distance of the beach. The separate guest quarters on the second floor of the house is not currently accessible but could be renovated to make the house one grand home again. This is a potential short sale that may be subject to third party approval. Property is being sold AS-IS. The utilities of the adjacent property at 1133 Von Phister are connected to the subject property. It will be the Buyer's responsibility to resolve that situation. Bank approved$470,000."

But that's not the end of the story. The garage at 1133 Von Phister Street (rear of 1420 White Street) became a "cottage" and was sold to a different purchaser in May 2005 for $749,000. That 648 sq ft building has two bedrooms, one bath, a nice little kitchen and living room. There is a second smaller building located behind the main "cottage" that could possibly be incorporated into living space in some way or perhaps be demolished to make room for a pool. Or demolish both buildings and use the existing car pad on Von Phister Street for off street parking and use the remaining space for a new pool and garden. That would be my preference. 1133 Von Phister Street is now offered for sale as a short sale at the asking price of $299,000. This building does not have its own electric, water or sewer services. It will cost about $20,000 +/- to put in new utilities to the property.

1133 Von Phister Street Key West - Existing off street parking

These two properties are located a couple of blocks from Higg's Beach and Rest Beach. Imagine walking your dog each morning in the wonderful Key West weather or walking a couple of blocks north to get your cafe con leche at Sandy's. You'll flip over life in Key West!

If you would like to take a look at either or both of these properties, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty,Inc. in Key West, Florida. I live in this area and love it.

Classic Eyebrow Home - 1108 Southard Street - Key West

1108 Southard Street - Old Town - Key West - November 2010

Recently listed, but not by me, this classic Eyebrow Home at 1108 Southard Street in Old Town Key West. The listing Realtor describes the property like this:

"A beautiful classic eyebrow style home in one of the best locations in the Old Town Historic District of Key West - This renovated home features a main level open floor plan with living room, a wonderful large kitchen/dining room with vaulted ceiling, a separate laundry room, guest or master bedroom and full bath. Multiple sets of French doors open to a large loggia and decked private rear yard with heated pool. Upstairs is a master bedroom with French doors to a private porch with roof top views, a large bath with separate tub and shower, walk-in closet and a small guest bedroom or study. The home has beautiful architectural detailing throughout including wood floors on both levels and Dade County Pine walls. Off-street parking."

This home has 1820 sq ft of living space and sits on a good sized lot (56' x 67' or 3752 st ft) on one of the very best blocks in Old Town. That may seem redundant as the listing agent said about the same as to location. But location is often critical to long term value in Key West, and this location is a winner. A few doors to the west of this house is the feature home that appeared in Architectural Digest about 6 years ago CLICK HERE. The Ginger Breadman House is located in the same block CLICK HERE. Across the street is the very large single family property that sold in 2006 for $5.5 million CLICK HERE The home to the rear spans the entire length of Ashe Street to Frances Street, and it is a doozy.

1108 Southard Street as it appeared in 1965

1108 Southard Street was built in 1885. I found one of those older photographs of this house that was taken in 1965 (above). Note how similar the exterior looks today, nearly half a century later. The simple elegance has not been altered, and that is what makes buying a house like this in great location such a good, long term investment. This home is offered at $1,150,000. CLICK HERE to see the mls datasheet and interior & pool photos.

If you are looking for a home like this, please call me, Gary Thomas, 305-766-2642. I am a buyers agent and I work at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Let me help you find your home in Paradise.

Open House - Sunday - Key West

Preferred Properties Coastal Realty, Inc. is hosting an Open House at six homes this Sunday. Five of the homes are in the Old Town Key West area and the sixth is on Sugarloaf Key.

1012 Southard Street CLICK HERE is located on one the best best blocks in Old town. Several other homes on this particular block have sold for multi-million dollar prices. This home has a beautiful pool, a complete guest cottage, off-street parking, and a price ($895,000) that makes it affordable. Stop by and meet me, Gary Thomas.


4 Lowe Lane CLICK HERE is an ultra charming 3 bedroom with pool, off street parking, and a second floor private deck off the master bedroom suite offered at $995,000. Mabry Binnicker will by your host.


1006 Fleming Street CLICK HERE is one of the most beautiful homes in all of Old Town. Even in if you cannot quite afford the $2,999,999 price tag, you should stop by and take a look at this incredible home. Cory Held will be your host.


905 Elizabeth Street CLICK HERE is located just north of Truman near Olivia Street. This home has an incredible rear yard with outdoor kitchen, off-street parking, and charm that oozes from every room. The price has just been reduced to $1,395,000. Everett Watkins will host this home.


316 Peacon Lane CLICK HERE is one heck of a bargain that is priced at only $999,000. Beth Eliot will host this home that has 3 bedrooms, 3 1/2 baths, a pool, off-street parking, and a very quiet lane location.


17161 Starfish Lane CLICK HERE is located up on Sugarloaf Key (Mile Marker 17). This is one big house with 3944 sq ft of living space located directly on the water. Venture up the Keys to meet Korky Irick who will be your host.

Bring Your Toothbrush - The Truman Annex - Key West

Adorable and Comfortable are words that describe the new listing at 418 Porter Lane in Porter Court, a community of just 19 townhomes in The Truman Annex area of Old Town Key West. The listing Realtor describes this property this way:

"Looking for the perfect carefree retreat...look no further! This beautifully decorated 2 Bedroom/2.5 Bath condo is located in the gated community of Truman Annex. Nicely sited for privacy, yet just steps away from the pool and 2 blocks from Duval Street. The unit is being sold turn-key and comes with a transient license. A fabulous opportunity to own a second home or a vacation rental property. This pristine unit is in move-in condition. Everything stays in the unit except for a Debra Yates painting and 3 David Lee prints...just pack your suitcase!"

This property is a listing of Preferred Properties. We toured the unit last week and it is really sweet. This unit has a valuable Transient License, but the unit has never been rented as such. So you will not see lots of wear and tear. Instead, you will find a getaway place that is almost pristine and it is just adorable. The large and open first floor living area has French doors that open onto an extra large and very private rear deck. Those two areas seemingly merge into one very large Key Westy living space. Upstairs both bedrooms have private decks as well. The master suite has a vaulted ceiling and the deck there overlooks the pool below. 418 Porter Lane is offered at $699,000. CLICK HERE to view the mls datasheet and listing photos.


This unit is located at the far end of the cul de sac Porter Court. Off Street parking is right outside the door just beyond the white picket fence. The neighbors across the street are the large private homes of Truman Annex located on Front Street, and most of those homes are valued at $2 million price range and higher. I mention that because location matters, and Porter Court has a great location. CLICK HERE to view photos I took of this property.

If you are looking for a nice and squeaky clean place that is move-in ready, this may be the place. If you are looking a special place that you would like to occasionally rent to help make the mortgage payment, this may be the place. You won't know until you take a look. Please call me, Gary Thomas, 305.76.2642. 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. Just bring your toothbrush!

Happy Thanksgiving