Dirty Deeds I attended seminar last week dealing with Short Sales. During the seminar the conversation eventually wandered to the topic of foreclosures and things foreclosed property owners can do. She told of borrowers who put bags of concrete down the drain just before they vacate their homes. The dry mix turns hard after a few days and the bank gets a huge mess. And her story reminded me of my own experiences and dirty deeds that I encountered during my years in banking. Here are a few: Paper Widow: the widow of a major Denver newspaper publisher refused to pay her loan to the bank. I commenced foreclosure on her very expensive home. She called the president of the bank and asked him to intervene. I got called to his office and explained how far delinquent she was and that she refus... 01/26/2008

Just Listed: 627 Southard Street Old Town, Key West, Fl. This 3 bedroom 2 1/2 bath has 2590 sq.ft of living space and is situated on a 3497 sq ft lot at one of the best locations in Old Town. The property is offered at $1,500,000 or $580 per sq ft. CLICK HERE for more info. The house next door at 631 Southard Street sold in April 2006 for $2,250,000. CLICK HERE TO SEE PIC. That house was a superb renovation. It was originally priced at $3 million and eventually sold far below its true value I believe. I had a client submit an offer of $2.7 million cash which the seller turned down. Just across the street at the corner of Elizabeth & Southard is another splendid house that is only 13 years old, so it is not a renovation. It was likewise price at $3 million and did sell at $2,680,000. CL... 01/25/2008

720 Eisenhower Drive is not your typical Key West "Conch" house. The architecture is historic, the renovation is totally up to date and on the spot. And the grand residence is one of a kind for Key West or any other world class destination. This is how the listing agent describes this property: Jefferson B. Brown, Florida Supreme Court Justice, built this mansion on its current site in 1889. Now completely restored, this award-winning 3 bedroom, 2.5 bath masterpiece could be expanded with approved plans for a garage and guest apartment and a third floor living area. Everything in the home is custom built and is controlled by a smart home system including the HDTV projection theatre room. Grand ceiling and door heights reveal historic beauty and design details at every turn. The downsta... 01/24/2008

One of the advantages about growing older is that you can predict the future so much more clearly than younger folk. That's my story and I'm sticking to it. I was an attorney and worked in the banking business in the 1970's through the early 1990's. I went through the Colorado crash. So I have real life experience in dealing with a depressed economy and a depressed real estate market. I worked for the RTC (Resolution Trust Corporation--the federal government agency set up to clean up the savings and loan debacle) and managed problem real estate assets in a variety of locations across the country. So I think my observations about the present real estate situation in Key West may have some merit for those willing to read my thoughts. The role of the RTC was liquidate the assets of failed... 01/23/2008

Yesterday I wrote about Short Sale opportunities priced below $700,000. Well, this is a Big Boy Short Sale and it is a buying opportunity for someone with big ideas and a big budget. 709 Windsor Lane is like an island within the Island of Key West. The street address of 709 Windsor Lane and a small pathway are all that a pedestrian will ever see of this huge property. Access is actually gained off Bakers Lane which is in the middle of the block between Southard Street and Windsor Lane and sits at one of the highest points on Solares Hill right in the heart of Old Town. This is how the listing Realtor describes the property: "Short Sale!!!Priced Below Mtg Balance!Must move Now! Ideal Old Town location on a Double Lot, just 2 Blocks to Duval and the local grocery...Two Off street parking... 01/22/2008

Short Sales in Key West. Can you believe it? This is the town where 3 years ago every property seller had the nerve to demand up to $1000 per sq ft for just about every piece of property in this town. It didn't matter where the property was located or its condition. The high price per square foot was imputed because of its being located in Key West. Times have changed. There is a lot of inventory of homes that are either owned by banks or properties that are somewhere in the foreclosure process. I have assembled a list of properties for those adventurous souls who want to play Let's Make a Deal with the bank. A Short Sale is a listing where the seller tells prospective buyers that the seller may be willing to sell below the fair market value of the house if the lender will accept less ... 01/21/2008

So I was driving back from Winn Dixie yesterday around 10:30 AM and got a view of this huge monster in the mangroves by Bay View Park. Since I don't drink, I knew I wasn't "seeing things". I went home and got my camera to go back and see if the monster was still there. And heavens to Nessie it was. New York artist Cameron Gainer's sculpture of the Lochness monster was positioned Saturday near the corner of Eisenhower and North Roosevelt Boulevard. The piece is part of Sculpture Key West 2008. That's part of why living in Key West is such a blast. You never know what you are gonna see. Ever. Everything is always different. Even the guy in the Jeep is oblivious to the Mangrove Mama. 01/19/2008

OPEN HOUSE Sunday January 20th 11:30 AM to 2:00 PM 627 Elizabeth Street in Old Town Key West. Classic cigar maker's house in prime Old Town neighborhood that is near completion. Completely renovated with new second floor addition that is the master bedroom and en suite bath that overlooks the new pool and deck. The house will be approximately 1369 sq ft under a/c when complete and will have 3 bedrooms and 2 baths. Everything, I mean everything, is new. The entry and hallway are unlike any you have seen in a similar cigar maker's cottage: the hall is vaulted to the ceiling. The ceiling of the great room is also vaulted so the room feels especially large. The kitchen is at the rear of the house and opens onto the new deck and the pool. CLICK HERE for more info. The house is offered at $1... 01/18/2008

Way back on January 4, 2007 I wrote an item on this blog about Real Estate Cycles. GO HERE to read the item in full. But the gist is that there are a series of "events" that make up a "market cycle" including: euphoria, denial, recognition, panic, hope, and finally capitulation. I think we are in the capitulation phase right now in Key West. I have often written about the historic sales season for Key West real estate that coincides with the regular tourist season. It has always worked the same way. Sellers list their homes for sale at the start of tourist season in hopes that their property will be exposed to the widest audience of potential buyers during that time frame. Tourist season begins at Christmas and ends at Easter. The Buyers disappear after Easter. Or so it seems. So the s... 01/17/2008

Just Listed: The Philip Burton House at 608 Angela Street in the Heart of Old Town Key West, Florida. Situated atop the much desired Solares Hill of Old Town sits this elegant single level conch classic has been extensively renovated and enjoys a pool and off street parking. Historically significant, built 1890, and the former residence of Phillip Burton this home welcomes you with a classic wrap porch, 12 ft ceiling heights, restored original windows and Dade County Pine walls and ceilings throughout. A thoughtful floor plan with 3BD/2BA and a fabulous open living area right off the tile pool and spacious patio. Finished in fine materials including Brazilian wood floors & brand new kitchen with stainless steel Viking appliances. Truly a signature Key West property known for its origin... 01/17/2008

Just Listed: 523 Louisa Street, Old Town, Key West, Fl. Heres the deal: Transient License! Great rental history on this cute story and one-half conch house renovated in 2000 with new roof in 2007. First floor contains open living/dining/kitchen with a bedroom and ensuite bath. Upstairs is two bedrooms with adjoining bath between. Small lagoon style, black bottom heated pool added in 2003. Turn-key property. Strong advanced bookings for buyer to start with immediate cash flow. Must see for investors. The offering price is $1,195,000 or $1106 per sq ft for this 1080 sq ft house that sits literally just a few feet off Upper Duval Street. The property is very well maintained as you can see by viewing the additional photos CLICK HERE. This property is less than a 5 minute walk to South Beac... 01/16/2008

Development Opportunity. Four years ago this property would have been sold the first day or so it was on the market because of the Location and Development Opportunity associated with this large property. 630 Eaton Street sits on a lot totaling 7898 sq ft on the corner of Eaton & Elizabeth in heart of Old Town. Just two blocks off Duval St. Main building is 4,750 sq ft wooden structure with 7 residential apartments. There is an additional 237 sq ft building fronting Eaton St. (A studio apartment.) Lot coverage & Floor Area Ratio (FAR) are within current limits for HNC-2 zoning which permits Single, 2 family residential units, churches, hotels, transient lodging, businesses, professional offices, and medical offices. CLICK HERE for additional photos and more info on this development opp... 01/15/2008

One word describes 1236 Washington Street, Key West, Florida: Awesome. A remarkable renovation in the renowned Casa Marina area featuring all of the requisite assets like: copious off-street parking, large pool, expansive master suite, 2 additional bedrooms with adjacent full bathrooms (and additional outdoor showers), larger than average lot size, immaculate attention to detail in every category. Upon walking through the front door, you are drawn toward a lush outdoor enjoyment area with Brazilian IPE Decking and the heated pool. The kitchen is open to the living area and features granite counter tops, wine cooler, and stainless steel appliances. Everything in this home has been updated and improved. It now has vaulted ceilings in the living room and 10 foot ceilings throughout. This ... 01/14/2008

710 Caroline Street has been on the market for quite some time. It was originally listed at $2,275,000 in 2005. It was re-listed in January 2007 at $1,795,000 and was just reduced to $965,000. That price is $420 per sq ft for this large 2300 sq ft home located across the street from the Historic Key West Seaport. Wonderful opportunity to own historical conch classic revival style home in Old Town Key West. Just steps away from the waterfront, this home is spacious and features 6 bedrooms and 4 bathrooms, two large kitchens, two dining rooms, covered decks, furnishings. The first floor features a parlor, two bedrooms, long hallways and historical touches. The second floor includes four bedrooms, a large walk out deck off of the rear door entrance and has tall ceilings. Great location, c... 01/12/2008

The sun'll come out Tomorrow Bet your bottom dollar That tomorrow There'll be sun! Just thinkin' about Tomorrow Clears away the cobwebs, And the sorrow 'Til there's none! When I'm stuck a day That's gray, And lonely, I just stick out my chin And Grin, And Say, Oh The sun'll come out Tomorrow So ya gotta hang on 'Til tomorrow Come what may Tomorrow! Tomorrow! I love ya Tomorrow! You're always A day A way! I'm so lazy these days that I no longer read the newspaper, but rather get the news online or from TV. The financial news yesterday was especially displeasing because the stock market took another tumble on fears of more doom and gloom over the housing and mortgage markets. Then today I read a nifty little item in FORTUNE about how us tax payers (those that actually pay taxes as oppose... 01/12/2008

Do you ever watch any of the reality tv shows that compare home prices in various cities? Several networks have similarly themed shows, but they all basically just demonstrate the familiar, but true, adage about Location, Location, Location as the determinative factor in real estate valuation. I watched one the programs the other day and the house hunters were looking for a place near New York City for $1,000,000 and I was surprised to see how little, but also how much you could buy for that price if you were willing to shift location for some other factor. I knew that already, and I tell that to clients all the time. But it was nice to see it demonstrated so neatly on TV. So I thought I'd do my own comparison. My criteria: single family home that sold and closed between 1/1/07 and 1/1... 01/10/2008

Just Listed: 719 Fleming Street Key West, Fl. $2,595,000 or $1042 per sq ft for this 2490 sq. ft. home on a large 6420 sq ft lot. The Grande Dame on Fleming is a stunning and elegant historic home in highly desirable Old Town location. Meticulously restored this 1859 home is one of the most exquisite properties in Old Town. CLICK HERE for more detailed info and more photos of 719 Fleming Street in the heart of Old Town Key West. This home is just shy of 2,500 square feet under air and has an expansive 1,100 square foot of Brazilian Ipe' terrace. There is a Chef's kitchen with stainless steel appliances, slate counter tops. Four bedrooms, custom spa bathrooms, European Kable Lighting systems, original glass pane windows, and high quality finishes throughout. Off-street parking, prime lo... 01/09/2008

42 Key Haven Road, Key West, Fl has just been reduced in price from the initial $1,300,000 to only $990,000. This is how the listing broker describes this property: Huge Price Reduction!!! Best value per Sq. footage currently on the market! Spacious waterfront home located on beautiful Key Haven. 5 bdrm, 3 bath that includes a legal separate mother-in-law unit with plumbing in place to add a kitchenette-337 sq. ft.. Renovations completed that include new-tile floors throughout, landscaping, front door, brushed stainless steel appliances & central a/c system. Split floor plan offers a very private master suite with tile handicap access bathroom and lots of closets. Sitting room, dining room area and over sized family room, screened Florida room overlooks the water. Laundry room with hoo... 01/09/2008

Just listed: 1108 Southard Street. Yesterday I commented on 1006 Southard Street one block to the west. My description of the neighborhood rings equally true on this house. So here is what the listing Realtor writes about this house: 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, 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 and palms. Upstairs is a master bedroom with French doors to private porch, a large bath with separate tub and shower, walk-in closet and a guest bedroom. The home has beau... 01/09/2008

The little house at 1119 Olivia Street in Old Town Key West has just been reduced to $635,000 from its original price of $1,275,000 in March 2007. Half Price! Too bad it wasn't worth the original asking price, however. The property is owned and listed by a Realtor--not me. Thank God. But he must disclose that to the public. Please don't take these comments on my part as being negative. But you need to know the facts when you invest your money in property. Especially now! This is an excellent opportunity to own your own Conch home located in Old Town. The home at 1119 Olivia Street was completely renovated in 2005. The property is Located in the X flood zone and sustained no damage in any of the hurricanes. A true high and dry property. Some of the features include: 2 licensed residenti... 01/08/2008