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Key West, FL Real Estate News

By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Bank Foreclosure at 1103 Virginia Street. Four bedroom, two bath house with no kitchen--looks like somebody took it away. Central A/C, beautiful pool and deck area, covered off street parking, some nice decorator touches and some work left undone. The tax records show this house as 1626 sq ft and sits on a very large 3515 sq ft lot. The house has new exterior siding, new windows, new drywall, new electric, and new plumbing. The asking price is $499,900 or $307 per sq ft. That sounds too good to be true for Key West. CLICK HERE to read what the listing Realtor has to say about this property. The listing Realtor is not local and did not have any pics posted. So I took some pics and you can see them HERE, HERE, HERE, HERE, HERE, HERE, HERE and HERE. 1103 Virginia is located one block west...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I received an email on Friday. I'll let you read it. Hi Garry, I just wanted to let you know that also because of your blog, our short emailconversation and your analysis of the current properties that are on the market, I fall in love with XXX XXXXXXX, came over, made a (good) offer and bought it. Hope to meet you someday in person in KW... Greetings from a rainy and cold Netherlands, XXX XXXXXX XXX had contacted earlier in the month regarding properties he knew by address and asked my opinion on those houses and specially asked "please give your opinion and options of good properties around 500-600k with a possible reduction during negociations." It happens that one of the properties he was interested in is a former listing of our office. (It was then listed with another Realtor at a...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I have been getting phone calls and e-mails from people who have been reading my little blog. A lot of people have decided that now is the time to start looking at buying something in Key West. Like a lot of Realtors I have been showing properties to potential buyers. And I have tried to impress on prospective purchasers that now is the time to make your best offer. For the most part the prospective purchasers pack their bags and head back home thinking time is on their side and that they can come back to Key West a few months from now and get a better deal. Maybe they can. But maybe the deal they could have got will be sold by then. This week several of the properties I have mentioned in my blog and in personal phone calls or emails to potential buyers went under contract. Real estate...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
This one-of-a-kind Old Town house at 508 William Street is waiting for someone to make it a home. The property was completely renovated over a three year time period by JJ Fairbank Construction. This beautiful home features Brazilian cherry floors, high ceilings, crown molding and custom built French doors throughout. The gourmet kitchen is equipped with soapstone counter tops and professional stainless steel Viking appliances. The bathrooms are spectacular with large walk-in showers and Waterworks fixtures. There is off street parking, a covered loggia, and a heated pool. CLICK HERE for more photos and information on 508 William Street. This smart and slick home is located three blocks from Duval and two blocks from the Historic Seaport. It has 3 bedrooms and two large baths. The rear...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Everybody likes it when the bank makes an error, right? That is unless you have to pay for the error. One of the sad things about all of the foreclosures is that big banks hire asset managers to mange their foreclosed real estate. The managers then hire Realtors to list and sell the properties. But banks are notorious for not wanting to spend any money on fixing or maintaining their depreciating assets, so they neglect them. And this is the case of 1021 Johnson Street in the Casa Marina Area of Key West. I live two blocks away and know the area very well. This house is located on one of the best blocks in Key West. Remember I have said many, many times the location matters and this is a prime example. The house next door to the west sold in 2007 for $3.1 CLICK. CLICK. The house next do...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Just Listed: 1113 Watson Street, Old Town, Key West, Florida $705,000or $380 per sq ft. That is a real deal! This is a Legal Duplex that is offered at Appraised Value (3/18/08 by Bone Island Appraisal Company). "An appraiser's report is much more detailed [than a Realtor prepared Competitive Market Analysis]--and is the only valuation report a bank will consider when deciding whether or not to lend the money." The report was made by an objective third party, someone who has no financial or other connection to any person involved in the transaction. I have often stated that properties in Key West are much different to other parts of the U.S. and for the most part, no two properties are alike. 1113 Watson is a prime example and that is why the owner followed my advice and had it appraise...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
OPEN HOUSE EASTER SUNDAY 11:30 - 2:00 709 Bakers Lane The perfect island getaway beautifully located atop Solares Hill on a quiet lane off Elizabeth St. is this completely renovated walled estate. The main house has Brazilian cherry floors, wood wainscoting and 16' cathedral ceilings. The new gourmet kitchen has SubZero refrigerator, Viking wine chiller, Jenn Aire range and microwave ovens, 2 Bosch dishwashers, granite counter tops and handsome cherry/cream glazed cabinets. The family/media room has 2 walls of glass overlooking the 26' black pool w/waterfall and 'cave' spa! There are 5 porches, rooftop sundeck and bricked courtyard with fountain. Joined by a covered walkway is a 2bd/2ba guest house with kitchen & living space and a 1bd/1ba pool house with laundry. CLICK HERE for more p...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
It's a beautiful day in Key West. Town is full of people and some of them are opening their pocketbooks and buying homes. The news is so good that I had to post a mid-March report so that you people sitting on the sidelines may get off your duffs before the properties you want are gone. Since March 1st there have been 29 residential closings in Key West. The majority are on the low end to be sure. That is where most people perceive that the bargains are located. Most of the properties are selling in the $200's to mid $300's per square foot. Those prices are what we were getting in 2003 and 2004 for modest to mid range properties. There were several sales in the $1.5 million range and they sold between $550 to $850 per square foot. And there were two big house sales: 916 Washington that...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
A few years back when real estate was king in Key West a lot of property owners converted existing large properties into smaller living spaces which they then sold at inflated prices. They called those smaller spaces condominiums. Some of the conversions worked. Others did not. The huge landmark property at the corner of Eaton and Elizabeth Street is an example of the latter. There was, to coin a phrase, an aversion to conversion as far is this property was concerned. In May 2007 this property was listed at $3,649,000. Today the asking price is $1,999,000 or $465 per sq ft for this very large 4292 sq ft home on a large 6151 sq ft lot. 703 Eaton Street Old Town Key West is a potential short sale that may be subject to third party approval. This listing Realtor describes the property thi...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
There has been a lot of sales activity at the 1800 Atlantic Condominiums over the past couple of months. Several units have either sold or are in the contingent or pending stage and are awaiting final closing. And a few new units have also been added to the roster of units available including an a very attractive transient unit with great ocean views. Located one unit from the ocean front it has many custom features including an entire living room wall with built-in cabinets, book cases and custom window treatments on all 3 sets of sliding glass doors. There are terra cotta tile floors throughout except for the bedrooms and baths. This home shows extremely well. CLICK HERE. Priced to sell at $629,000 or $464 per sq ft. The number of units available today is 17 or about 10% of the total...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
***FORECLOSURE***Steal this property from the bank. Minutes from the beach. Great for vacation home or investment. Bank pays title insurance to choose title company. What are you waiting for?????? That is how the listing Realtor describes the 900 square foot s bedroom 2 bath condo at 1419 Atlantic Boulevard. It is priced at $379,000 or $422 per sq ft. CLICK HERE for more pics and a scant little more info. The listing Realtor is short on info and if I were the asset manager, I'd can her for the way she is promoting this property. It is one thing for someone like me to urge the public to take advantage of the ton of foreclosures in the marketplace. But I think it is totally wrong for the listing agent to urge potential buyers to "steal this property form the bank." The listing agent is a...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Expect the unexpected if you are looking to buy a place in Key West. And I'm not referring to prices or structural problems. Here are some examples of what you may encounter when you look at property. All examples are true. Newton Street Station was an all male guest house located in the Meadows Area of Key West. I mentioned to an agent in my office that I was going to show it. She told me to warn my customers to expect to see the manager open the door and assist in showing the property in the nude. She was serious. So I told my customers. They were gay and took it in stride. And I showed it several more times to gay and straight buyers. The guy was always nude. I had a listing on another guest house and was showing it when the buyers' agent mentioned he was going to show Newton Street...
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By Cindy Kaye
(Cindy Kaye)
You cross a lot of bridges and spectacular blue and green water to get there, and when you get there you’re only 90 miles from Cuba. Cruise ships consider a stop at Key West part of their Caribbean itineraries! It’s not a big place, and it is a place where real people live. It has a year-round population of just over 26,000 and a median resident age of 39 years. Key West also includes the neighboring communities of Stock Island, where a lot of the remaining commercial fishing is based, and which used to be where Key West’s supplies were “stocked” in the 19Th and early 20Th centuries, and Key Haven, with wide canals and lots of pleasure boats. Key West has been described in about a zillion travel guides and Web sites and the name used in countless movies as the place people want to fina...
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Completely renovated townhouse in central location with new wooden and tile floors. This end unit is just steps away from the community pool. 2 off-street parking spots behind the building. Great starter home! Recently appraised at $328,000. Lowest priced unit on the market! One owner is a Fl licensed Real Estate agent. This is a short sale/pre-forclosure sale and is subject to lender approval.Listing #107553  $262,900 (LP)
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This is the best buy in town! Completely renovated townhouse from top to bottom with new kitchen, bathroom and wood floors close to restaurants, shopping,schools and the movies. There is a new metal roof and new A/C unit. This end unit sits in a very quiet community with Olympic size pool, off-street parking and playground for kids. Recently appraised at $310,000. One owner is a FL licensed Real Estate agent. This is a short sale/pre-forclosure transaction and is subject to lender approval.Listing #107554 $249,900 (LP)
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
There are two town homes in the 3300 block of Pearl Avenue for sale. They are located next door to each other. The one at 3364 Pearl is a bank foreclosure and is listed at $299,000 or $231 per sq ft. It is a 2 bed, 2 bath unit on two floors. It has off street parking and it's own private pool. Yeah! The townhouse is 1294 sq ft and sits on a 2144 sq ft lot. CLICK HERE for more info on this property. Next door at 3366 Pearl is a 2 bed, 2 bath unit on two floors with a private pool and lot of amenities including: Solid Wood Cabinets and Granite Counter Tops in Kitchen and Both Baths. PGT Impact Resistant Windows with Custom Awnings and Window Treatments. Large, Deep Closets. Lots of Storage and Extra Space. Outdoor Trex Decking, with Landscaping and Lighting. Pool with Special Water Featu...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I have written many times about Old Town being the place to buy if you are looking for top value both short term and long term. And I've said that certain blocks within Old Town are more valuable than others. Proximity to certain locations or the "look" of certain blocks seems to create or enhance value among nearby homes. But most properties in Old Town are priced higher than many would-be buyers can pay or are willing to pay for a second or third home. So what's a prospective buyer to do? I suggest that you Buy Value by purchasing the best property in an area that is not as popular as Old Town but is located nearby! Or Buy Value by buying top quality property that is under priced even though the price is higher than you think you can afford. CLICK HERE for some examples. I picked pro...
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Premier resort living at the brand new Beachside Resort & Conference Center! This top floor end unit has incredible views of the Gulf of Mexico and beautiful Key West sunsets. Flexible floor plan (one bedroom and full luxury bath can be rented separately) and two transient rental licenses offer the owner great income opportunities. Unit has a dedicated parking space and is being offered fully furnished. Luxurious pool and spa, meticulously kept grounds and onsite dining and entertainment. One of the owners is a Florida State Licensed Real Estate Broker.Beds: 2 Baths: 3 (2 1) (FH)Listing #107575 $1,995,000 (LP)
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By Marge and Gordon Smith
(Bascom Grooms)
Two bedroom, one bath Old Town home at a very reasonable price. This Conch home is in great condition and has had many recent upgrades including central A/C, new roof, electric and plumbing, foundation. No spongy floors here! All the major work has been done. Lovely covered deck, fenced yard, and open kitchen/dining area. Room for a pool, too!Listing #105694 Beds: 2 Baths: 1 (1 0) (FH) $395,000 (LP)
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By Marge and Gordon Smith
(Bascom Grooms)
First floor two bedroom condominium in a prime Old Town Key West location on Truman Avenue. Extensive renovations are complete, including new electric & plumbing, new appliances, new cabinetry, new travertine tile, new carpet and new fixtures. Low monthly association fees. Legal description to be determined. Owner is a licensed Florida Real Estate Salesperson.Listing #107667  $279,000 (LP)Beds: 2 Baths: 1 (1 0) (FH)
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