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Key West, FL Real Estate News

By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Realization is sinking in for some would-be sellers: Selling Season is Quickly Expiring. As a result the asking price on many homes and condos are falling (being reduced). I thought it would be interesting to post a few examples of some good properties with new prices that now seem like bargains. At least bargains by Key West standards. Click on any address for a more detailed sheet and photos. 1119 Olivia This is a legal duplex located in Old Town that was totally renovated within the last two years. Originally priced at $1,275,000 and now $610,000. This is a potential short sale. 716 Olivia Street This is a new renovation that has not been lived in. Unique design, quality craftsmanship, and top of the line fixtures mark this extraordinary property. Originally listed at $2,495,000 and...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Yesterday I wrote about a house at 724 Ashe Street in Key West that I think is a very good value for today's real estate market. It is priced at $999,000. To many price would see very high. But in the context of the specific milieu of Old Town Key West of similarly priced homes, I think the value of 724 Ashe is very apparent. To help prove this point I did a search of the Key West mls database and came up with similarly priced homes in the same area. CLICK HERE to review the list of homes in the same price range. You will see a great disparity in both the price per square foot, location, and quality of features offered. By the way the photos are of four of the houses contained in the CLICK HERE link. You can tell without even clicking the link that there is a disparity of quality and s...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
The lovely home at 724 Ashe Street in Old Town Key West was purchased by its present owner in 2004 for the sum of $1,265,000 or $766 per sq ft. That was a good price for its time, but the owner did not pay a premium for it. The house has just about what most full time and second home owners look for in an Old Town home: 3 bedrooms, 3 full baths, Dade County Pine walls, beautiful interiors, an inviting pool, and a quiet location. Most of the surrounding homes are of similar vintage construction and most of those have been renovated. There are some new homes in the area as well. The present owner put the house at 724 Ashe on the market in 2006 for $1,495,000 and has steadily reduced the asking price over the past two years. Yesterday, the listing Realtor dropped the price to $995,000 or ...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
This exceptional waterfront 2 bedroom 2 bathroom condominium located in Key West's most beautiful residential areas, the Truman Annex, has it all! Located in the historical Mills Place complex, enjoy spectacular sunsets and outdoor living from 2 walk-out decks overlooking the ocean, the marina and beyond. This two story luxurious residence includes top of the line finishes: custom doors and mill work, travertine floors, granite counter tops, custom cabinetry, and beautiful fixtures and hardware. Private parking, a community pool, security, storage, storm shutters, and award-winning grounds are also included. This terrific opportunity is located within walking distance to Duval, beaches, water activities, shopping, dining and nightlife. CLICK HERE for more info and photos of 401 Emma St...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
612 Griffin Lane is a throwback to the old days of Key West, before the invasion of the renovators. The Five Brothers Grocery sits at the corner of Grinnell and Southard Streets. Midway down Southard is the Southard Square Condominium development. Griffin Lane is immediately to the east of Southard Square. It runs about 250 feet to the south where it dead ends. To get to 612 Griffin Lane you must walk down a fence pathway an additional 150 feet or so. But when you get there, you are immediately transported to another era. CLICK HERE for more detailed info and additional photos of this development property that the listing Realtor describes this way: This is a true 'Old Town Hide-away'. It's a 'Diamond in the Rough' with great location! Secluded, 4255 sq ft lot at end of walking lane in...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Not everybody wants to own a place directly on the ocean where you can wake up in the morning to sound of gentle surf rolling ashore just below your bedroom window. But a whole lot of people would love the opportunity to own such a property. Especially if it were affordably priced and located in Key West, Florida. Well this is your opportunity. CLICK HERE for more information and photos. Key West Beach Club unit # 105 is now priced at $899,000 or $642 per sq ft. The unit is a 1401 sq ft condominium with living space that includes the living room, kitchen, dining area, two bedrooms and two baths at the exclusive Key West Beach Club. This spacious home features formal entry opening onto the living/dining room with spectacular views of the Atlantic Ocean through a wall of sliding glass do...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Same Time, Next Year is a play by Bernard Slade which tells the story of a couple, married to others, who develop a relationship in which they meet each year at a country inn and spend a weekend together. The relationship evolves into emotional intimacy over the course of 24 years, and they become much more than clandestine lovers. Though they only meet once a year, they become important parts of one another's lives. I'm a firm believe that people are creatures of habit. They go back to the same place to year after year because of the good times they once had. And so when would-be second home buyers ask me about buying a place they could legally rent to help pay for the cost of purchasing their little piece of Paradise, I always suggest the Shipyard Condominiums at Truman Annex. All bu...
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By Tina Masters
(Coldwell Banker Schmitt Real Estate Co.)
Florida Keys, Key West and Monroe County Employment Our local economy leans towards goods and services for both new residents and tourists.The retail, construction and hotel industries have the most employees in Monroe County. Business Size Monroe County is comprised of primarily small businesses. Since there is no state or local income tax, you take home more. Employment: The good news.  Key West has one of the lowest unemployment rates in the country. Why? Key West is one of the most popular destination points in the world for Divers, Boaters, Fishermen and people looking to get out of the bad weather and enjoy our water and the unique ambiance of Key West and the neighboring islands So What. In addition to people flying and driving in, on average we get two to three Cruise ships from...
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By Tina Masters
(Coldwell Banker Schmitt Real Estate Co.)
About my Real Estate Services Tina Masters specializes in residential real estate in Key West and the fabulous Florida Keys. She has the expertise and experience required to help buyers locate their perfect piece of paradise. Tina possesses strong communication and negotiating skills, is computer and research saavy and has a community-wide reputation for problem solving and meeting the needs of her clients. This full-time, active, award winning agent is ready and able to furnish information on ALL the properties currently available for sale. She gladly provides her buyers with information, advice and direction regarding neighborhoods, community services, zoning and all other related closing procedures and costs. Tina is and has been a top producing agent for Coldwell Banker Schmitt Real...
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By Tina Masters
(Coldwell Banker Schmitt Real Estate Co.)
Residential                 $200,000 1 1 (1 0) No 656   1979 Condo Pending    3312 Northside Dr #512 Key West  33040   Agent: Tina M Masters Office: Coldwell Banker Schmitt Real E   Phone: 305-296-7727 Marketing Remarks: AFFORDABLE KEYS LIFE! Exceptional opportunity to live or invest in a fifth floor 1/1 Key West condo with partial waterview. This unit has a large bedroom, new carpet, new accordian shutters and is being offered furnished including linens, dinner and glassware. Some of the amenities include a swimming pool, tennis courts and ample parking. The building features 2 elevators, laundry rooms on each floor, emergency generator and a reserve water supply. Top location, low maintenance fee! Vacant and easy to show.   Key/Island Key West   Representation Single/Transition As is ...
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By Tina Masters
(Coldwell Banker Schmitt Real Estate Co.)
Listing #107727 $369,900 (LP)  808  Virginia St #2,  Key West, FL  33040     Active  Beds: 2 Baths: 2 (1 1) (FH) Lot Sz: 1129sqft Key/Island: KeyWst Yr: 1984 A two story townhome with NO association fees in a great Old Town location. Ample square footage which includes a large kitchen, half bath downstairs, nice size bedrooms and the only villa with a balcony off of the second floor. Also offered is a deeded parking space which is an added bonus for this Old Town location. Brand new complete central AC system with warranty. There are 6 units in this complex which provides you with the opportunity of knowing all of your neighbors.  
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
There were 12 Single Family Home Sales in Key West for the month of January 2008 with a sales volume of $11,838,000. I searched from Mile Marker One through Shark Key. The least expensive property was a 2 bed, 1 bath house listed at $249,000 that sold for $220,000 in 21 days. There were two very expensive homes that sold. One on that I mentioned here several times that was listed $2,995,000 and sold for $2,350,000. (This was not a forced sale.) The other was a Sunset Key home listed at $3,100,000 that sold for $2,850,000. The average home was a 3 bed, 2 bath with 1673 sq ft listed at $1,130,000 that sold for $986,500. There were 2 bank foreclosures included in the January sales totals, and they were priced right and sold near the asking price. So folks who are looking to steal the prop...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
The picture at the top of today's blog is of a great old house located at 625 Eaton Street. She' really old--born in 1824. She needs some nice person who help her ease gently into the 21st Century. The present owners started to renovate this property and then stopped. No financial woes here. But the old dame is sitting growing older each month. The house has 1734 sq ft and sits on a small lot of only 1725 sq ft. There is hardly any side yard or rear yard and as the photo above shows there is no front yard. The lack of land to expand the present house is bothersome to some buyers. But for the purist who wants to restore a beautiful home, this may be the buy for you. CLICK HERE to read more info and see more photos of this house. It's been a while since I was inside, but I was captivated...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
SHORT SALE: 1116 Seminary Street, Key West, Fl. This 1435 sq ft home sits on a 4107 sq ft lot. It is a renovated three bedroom two bath home in Casa Marina area close to beaches and Old Town. Amenities include bamboo wood floors, cherry cabinets, granite counter tops, tumbled marble baths, heated pool and off-street parking. This house has been identified as a potential short sale property that may require approval of a third party lender to effectuate a sale. The property was originally listed at $1,450,000. It is now priced at $1,000,000 or $697 per sq ft for a good Casa Marina area location. It has easy access to White Street and United Street that make getting to Old Town or New Town very easy--except when Key West is overrun with tourists. CLICK HERE for more information and addit...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
It was a year ago this week that I first wrote about Paradise Harbor located at 719 Eisenhower Drive on the Garrison Bight and at the water's edge of Old Town Key West. GO HERE to read what I wrote then. I have been watching the development of this parcel for over 2 1/2 years. And this morning I decided to ride my bike over to the property for a better view. Wow. These buildings are beautiful. Right on the water. Each unit even has its own boat slip. I didn't get to go inside, but the view from the flyover at the Garrison Bight makes one sigh. This is a beautiful and tasteful addition to our "little" skyline. There is a lot of noise from locals about other projects. I have not heard anything negative about this one. Each unit is different in size, price, and location. But they all shar...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Remember when you were a kid and you marked your age by half years or even quarter years? I just turned 61, and now I mark my age by decades. But the good side of growing older is all the wisdom that comes with it. My life experiences help me judge the present by things I remember from the past. I grew up in Denver in the 1950s. My mom and dad got married in 1929 and had their first child, my sister, in 1930 and their second, my brother, in 1935. They raised two kids in the Great Depression. My mom never got over the Depression. And I was raised as a child of the Depression even though I was born at the very start of the Baby Boom. I had odd jobs even as a kid to make money. I got an allowance, but not enough for my needs. Back then my needs consisted of candy and model cars and airpla...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
306 Peacon Lane is located a hop skip and a jump from the Historic Key West Seaport and it is just a stones throw to Duval Street. In other words, this picture perfect little home is in the right location for the buyer who wants everything just right. Beautifully renovated historic home on highly desirable Peacon Lane. Located in the Historic Seaport District near restaurants, marinas & nightlife. This 3 bedroom home, circa 1850, is a fine example of the best of Key West architecture. High ceilings, hardwood floors, Dade County Pine walls, hand-milled window & crown moldings. Huge master suite with large closets. Bright and airy family room provides an open and spacious ambiance. Fabulous chef's kitchen, granite counters, Bosch & Jenn-Air appliances. This Smart Home has CAT-5 wiring an...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Distress Sale: 1800 Atlantic Blvd #C122, Key West, FL This is how the listing Realtor describes the offer: "PRICED TO SELL!!! Take advantage of the best priced 2 BR & 2 BA at 1800 Atlantic Condominiums. Located on the tropical courtyard of the complex, the unit offers a 1357 sq. ft. floor plan. Amenities feature a secure covered parking garage, heated beach side Olympic size swimming pool, hot tub, 3 lighted tennis courts & 24 hour. security. Condo fees cover water, sewer, extended basic cable TV, monthly exterminating, exterior building insurance & maintenance." Owners at 1800Atlantic have a 15 day first right of refusal period for any resales. Tenant in place through March 2008 at $4600 mo. The monthly condo fee is $887.71. CLICK HERE for more info on this specific unit. The unit is ...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
This is a True Story! A few years ago a husband & wife team at a real estate office where I used to work went to the Ft. Zach Taylor beach to have a picnic lunch. They saw this woman wearing only a bathing suit running around frantically waiving to a cruise ship as it was sailing away from the Mallory Square Pier. The woman and her husband were passengers on the ship and had rented a scooter to see the island. They went to the beach and let time slip away. All of their clothes were on the boat, and it was headed toward Mexico. They asked the Realtor couple what they should do. My friend suggested that they stay in Key West a few days and then rent a car so they could meet the boat when it returned to Ft. Lauderdale. He said hey had missed the boat, and the cost of flying to Mexico woul...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
There was a segment on the TODAY SHOW last Friday about a San Diego couple that is suing their former Realtor for professional negligence among other claims. Buyer claimed "the agent was negligent in not telling them about other houses that sold for less, including one three doors away that has a pool and sold for $105,000 less and another that was considerably bigger that sold for $175,000 less." GO HERE to read the story or watch a clip. We have a Realtor in Key West that advertises himself as a "Real Estate Expert". Even before learning of the above referenced lawsuit, I thought our local "expert" is setting himself up to be sued. I think he is telling the world that he is more competent, experienced, and able than other Realtors. If the "expert" Realtor makes an error, is he not su...
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