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Key West, FL Real Estate News

By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
The listing broker to the setting of the cute Key West condo at 120 Angela Street as the Garden of Eden. When you enter thru the gates into the entry and pool area you really are transported to a very serene place. The pool sits to the front of a large variety of palms and tropical foliage. There are only four condos in this building and each has its own designated paved off street parking space. The building itself is a very handsome structure that is the anchor of the block just to the south of Truman Annex. Angela Street is supposedly going to be a pedestrian and bicycle path when the Truman Annex Beach and Harbor redevelopment is completed. CLICK HERE for more info and photos of this property. The asking price on the 2 bed 2 bath unit is 852 sq ft was just reduced to $599,000 or $7...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Just Listed: 916 Fleming Street, Old Town, Key West, Florida. No it is not my listing. But if you have the glue, you need to checkout this stunning new addition to one of the best streets in Key West. Two years ago a friend who owned the house next door at 912 Fleming was in the process of starting the renovation of 916 Fleming when he passed away. His estate sold the property very quickly at a very good price at the time. The new owner completed the demolition of the interior of 916 Fleming and created his own vision of how to redevelop the property. For years the property had been known as the Baker House and all I can say is that it wasn't pretty. CLICK HERE and CLICK HERE to see pics of what the property looked like before renovation. Fast Forward to today and the revelation of an ...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I wrote about 826 Olivia Street a while back. I am totally surprised that this little gem has not sold because it is so sweet. Let me tell you the negatives before I expound on the positives. It has no off street parking, there is no pool or room for one, and it is located across the street from the Key West Cemetery. Oh, the house next door to the east isn't as cute as it could be. (But the house directly behind this home is gorgeous and it is on the market for $2,595,000.) This charming home, with extraordinary ambiance and comfortable, convenient floor plan, is located in Old Town Key West. Upon entering the large Great Room, with soaring wooden, beamed Cathedral ceilings and wood floors, you view the landscaped yard with deck, patio and Jacuzzi. The windows, and the French doors on...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
There are currently 222 Key West single family homes priced at $1,000,000 or more. Six of those properties are shown as either potential Short Sales or Bank Foreclosures. CLICK HERE to checkout each of the properties. I have written about a few of the properties previously. I think there are some real buying opportunities on some of these listings. The house at 1021 Johnson for example is located on one of the most desirable streets in the Casa Marina Area. It is flanked by many multi-million dollar homes that will only continue to increase in value as the years pass by. The home at 3500 Flagler Blvd. is listed at only $1,200,000 ($420 per sq ft) for a 4 bed 6 bath home with a pool that sits on a 10,312 sq ft lot. Its' kitchen is pictured to the right. The house at 716 Olivia Street co...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
(Carnac holds the sealed envelope up to his turban) CARNAC: Three Million Dollar Bathtub. ED McMAHON: Three Million Dollar Bathtub. (Carnac rips the envelope open and removes the card) CARNAC (reading): What your friends call your private town home pool. The other day someone asked me what I thought about current property prices in Key West. I responded that they are still too many properties that are way over priced on a per square foot basis. I was referring primarily to the new generation of high-end luxury condos and town homes built or being built in the Old Town area. I have mentioned specific developments before and discussed the merits of the properties. I even offered to show them to prospective buyers. But no one has taken me up on my offer. I think the reason is that the pro...
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By Marge and Gordon Smith
(Bascom Grooms)
First floor waterfront condominium with boating access just minutes from Key West priced to sell at $249,000! One bedroom/one bath 580 square foot condominium with one assigned parking space, new central air conditioning, stainless appliances, granite countertops and a living room looking out at the water. This unit has just been completely renovated. Move right in and enjoy waterfront living! This is a great opportunity to own a piece of Paradise at a very reasonable price. 100% financing available!Listing #106009 $249,000 (LP) Price/SqFt:  429.31 201  Coppitt Rd #104B,  Big Coppitt, FL  33040     Active  Beds: 1 Baths: 1 (1 0) (FH) Sq Ft: 580 Lot Sz: 0sqft Key/Island: Big Co Yr: 1974...
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By Marge and Gordon Smith
(Bascom Grooms)
William Curry, born in Green Turtle Cay in 1821, was descended from the Loyalists. At the age of 16 he moved to Key West where he became a successful merchant investing in the stock market. It is said that he ate from solid gold table service, plates and a service set for 24 people. In 1896 when he died, William Curry was the richest man in Florida, its first millionaire. The Curry Mansion Whenever you are in downtown Key West, visit or stay at the Curry Mansion. The Curry family has lived in Florida since before 1857 and was also one of the first families to settle Key West, Florida, and to develop Key West back when Florida’s government was nearly non-existent. You'll love the libertarian lifestyle of the Keys. There is a tour of historic Key West that includes the rich history of Cur...
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By Marge and Gordon Smith
(Bascom Grooms)
About our Company Bascom Grooms Real Estate is a small, intimate office located in Key West and is one of only a few local real estate firms owned and managed by native Key Westers. Bascom Grooms is one of the Market Leaders in Key West Real Estate. With many years of experience, Bascom has brokered multiple transactions involving Key West real estate for sale including luxury Key West homes, waterfront estates & condos, and residential & commercial properties for sale in Key West. He is very involved in the community and has a vast knowledge of the Key West Real Estate market. Bascom Grooms is recognized as a leader of this competitive real estate market because of his many years of dedication, love for Key West, and the desire to fulfill each home owner’s dream. Key West Real Estate 1...
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By Cindy Kaye
(Cindy Kaye)
About my Real Estate services Cindy Kaye , REALTOR at Coldwell Banker Schmitt Real Estate company, specializes in the sale of fine Homes and Condos in The Florida Keys. Cindy has consistently provided buyers and sellers with in-depth professional assistance in the sale and purchase of residential property. If you are interested in buying or selling a home, and want the professional assistance of a seasoned expert, who will work diligently in an effort to satisfy your needs, please call Cindy anytime at 305-292-7438. Hopefully, you will find this website to be comprehensive, interesting, and informative. Please bookmark this site (http://www.yourkeyshome.com), for fast and detailed real estate information at your fingertips. To my Buyers: As a buyer of property, you will receive persona...
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Theater/dance • Middle Florida Keys • Marathon Community Theatre, 5101 O/S Hwy.....305 743-0994 • Key West Theatre • Island Opera Theatre.....305 296-1520 • Red Barn Theatre, 319 Duval St (Rear).....305 296-9911 • Waterfront Playhouse, Mallory Square.....305 294-5015 Art Galleries/ Visual Arts • Over 90 galleries throughout the Keys  • Note to Artists; regardless of the medium, ther is a place for you in the Keys. The Keys strongly support resident artists. Writers groups in all genres (from screenwriting to novels) are spread throughout the Keys. There is definitely a reason so many world class writers and Play-rights have made and do make the Keys their home. Especially Key West.(“Ernest Hemingway” ) The musician and actor community here is strong. In conclusion, the arts community in...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I don't think I am overstating anything when I say we are having a crisis of "short sales" with so many homes listed for sale in Key West. Many, many of the homes and condos are short sales. And some of the really cherry deals are offered not in Old Town, but in the Mid Town and New Town areas. Most of the homes built in Mid Town and New Town were constructed in the 1960s and 1970s. They are typically ranch homes constructed of stucco over CBS (concrete block structures). The neighborhoods are family neighborhoods like you would find in most suburbs across the country built during the same time. Some of the homes are even located on canals that connect directly into the Atlantic Ocean. CLICK HERE to checkout seven homes with three bedrooms and two baths priced under $540,000 that are l...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
The Classic Key West Cottage located at 926 Southard Street was justed reduced in price to $535,000 and may now become a Short Sale. A Short Sale occurs when the contract price agreed upon between the buyer and seller is less than the amount owed to a lender, and the lender agrees to accept a discounted payoff upon receipt of less money than is actually owed. The one bedroom one bath cottage is located next door to the famous Five Brothers Grocery and Sandwich Shop in the heart of Old Town. This is a killer location folks. The cottage is small, but it has just about everything else many second home owners require. This cute one bedroom, one bath eyebrow has been updated with new kitchen, beautiful wood floors, and a tiled bath. Step out into the surprisingly large rear yard with new po...
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By Maya Thomas, Broker, Please see my client recommendations.
It seems like yesterday when you would meet a seller and when you found out that they owed more to the bank than what you could sell their home for you would just pack up your things and apologize for not being able to help them. Wow!  What a difference a few years makes.  The whole world has changed. I learned something new this month.  I have a property that had multiple offers.  Everytime I got a new offer it was lower than the offer before.  When we crossed the 5 offer marker and started to head for 10 offer territory I started to get worried.  Things were dragging on for 2 months.  The seller decided not to accept any more offers so that the bank could make a decisison.  Plus, the offers just kept getting lower and we didn't want to loose a good offer.  Then buyers started withdraw...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
We live on a small island in the middle of the ocean, and when something happens here news travels fast. There was a terrible tragedy today at the Key West International Airport. I've been griping for a long time about the insanity of building a new airport when the old one, the one we all love, works just fine. And now this. GO HERE to read the developing story on the ramp collapse that killed one construction worker at the airport earlier today.
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Before you accuse me of Dirty Pool, read the rest of today's blog. The little house at 1310 Olivia Street in the Meadows Area of Key West is another example of a Bank Foreclosure that takes a bad deal and only makes it worse. Here's why: the pics to the right are of the property two years ago when it was still owner occupied. This is how the former owners' realtor described the property before the foreclosure: "Excellent Meadows location! Very private 2BD, 2BA home in a very tropical setting, fully fenced on a quiet street with off-street parking. Open, airy & bright, freshly updated, hardwood floors throughout, new 25 ft pool, entertaining decks and a wonderful large covered 419 Sq Ft porch." CLICK HERE to read the description of the property by the listing realtor for the bank owner ...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I had a walk-in a couple of weeks ago who was interested in buying a large winter home for his family. He's a self-made man from the mid-west and has accumulated other houses and according to him quite a bit of money. But if you looked at the guy, you'd never guess it. He told me that he's just a "No pretense" guy. I told him "You picked the right place". When I first started thinking seriously about living in Key West I thought it would be great to live in a gay town. I gotta confess I thought the idea of lots and lots of gay men would be fun, even though I was in a long term committed relationship. But I wanted to live where I could be open about being gay. Or so I thought. There was a program on PBS last night that was part of a series called "In The Life". The episode included a pi...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Half of you won't even read this when I tell you about 915 Angela Street. You see it is located directly across the street from the Key West Cemetery. I'm not being funny when I report that there's no room left. All the plots have been sold and there is a waiting list of would-be buyers who have their hearts set on spending eternity in Key West. The charming cottage at 915 Angela has a bright and unobstructed view of the cemetery. The picket fence and two driveways define the outer space. But once you step inside all of the downstairs rooms open onto decks and lush tropical foliage. The affect is is just plain inviting. You want to take off your shoes and unwind. Here is how the listing Realtor describes the home: "Delightful Old Town cottage boasting 3bd/2.5ba, two off street parking ...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
When I was growing up it was expected that you would pay your bills. If you wanted something and couldn't afford it, you either didn't get it or you saved to buy it. I remember my mother going to department stores and making payments on something called "Lay Away". I sort of figured out that you had to make payments to the store until you had paid enough to take whatever you bought home with you. There was a toy store a few blocks from my house when I was a little kid--around eight years old. I remember going in and giving the lady money every week out of my allowance (I think it was 25 cents per week). Eventually I paid off the $1.25 debt and took home a silver colored pistol that was also a movie projector. In retrospect it was a flashlight shaped like a gun that projected a small lo...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Let's take a quick look at how well the Key West real estate market fared during the period of March 1st rough March 31, 2008 as compared to the same periods in 2005, 2006, and 2007. The year 2005 was a record year for Key West. There were 45 single family home sales in March totaling $55,369,000 and 36 condo sales totaling $24,880,513. Then the market began its slide. And Hurricane Wilma occurred in October and that created an even greater sense of uncertainty about Key West and Key West real estate as an for primary home ownership and as an "investment" vs. second home ownership as fulfillment of a dream. The years 2006 through 2006 had the biggest dip in home sales to only 17 for $16,389,000, but there were 20 condo sales totaling $14,045,000. In 2007 there were 21 home sales for $1...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
One of my favorite properties just became a real bargain. No hyperbole. Like Jack Webb (Joe Friday) used to say "Just the facts!" 709 Bakers Lane sits on Solares Hill at just about the highest point on the Island of Key West. It was renovated to sell at $2.8 million. The owners missed the 2005 selling season and then the downturn occurred in the real estate market. The sellers then made periodic price reductions. We put a deal together a few months back but the buyer was unable to complete the transaction. So today the property is offered at $1.4 million on a short sale basis which means that the lender will have to approve the sale price since the asking price is less than the amount owed to the lender. The loss for the seller is substantial. The opportunity for you as a potential buy...
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