old town: 410 Simonton Street Key West -- Historic Beauty
- 06/04/08 04:22 AM
Major Price Reduction of $500,000 on this Key West landmark property located at 410 Simonton Street in Old Town Key West. Now offered at $1,350,000 or $418 per sq. ft. for a true beauty. There property is presently used as apartments, but could be returned to single family splendor. This property could be a great renovation project, and at the asking price, it might make economic sense to a buyer looking for a home with great street appeal. The house has 3230 sq ft of living space in 3 buildings. It sits on a 106' X 60' (6360 sq.ft.) lot. CLICK … (0 comments)
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old town: Bottom Feeders -- The New Key West Big Fish
- 06/01/08 09:11 PM
There's a bit of a debate going on right now in Key West about how well or how poorly the real estate market is doing. Just to set the record straight, I'm not a cheerleader for the Key West Association of Realtors or the Chamber of Commerce. I don't have any axes to grind. I'm not trying to stir up any trouble. I write this blog to get new clients to sell real estate to. Some of my best friends are Realtors. No, I take that last remark back cause it isn't true. But the other stuff is.Every month I try … (0 comments)
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old town: Compound Investment -- Key West
- 05/30/08 03:45 AM
Price Reduced $800,000 today. Was $1,995,000. Now asking $1,195,000. This is what you get at 610 Petronia Street in Old Town Key West: Four individual cottages fully equipped. Total of 4 bedrooms and 4 baths with total square footage under air of 3468 sq. ft. that sits on a very large 8400 sq. ft. lot. The compound is priced at $345 per sq. ft. That is a very good price for a property like this. 610 Petronia is located just east of the Merlinn Inn Guest House and down a private lane. So the compound is one of those special island … (1 comments)
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old town: Bank Owned REO in Key West
- 05/28/08 03:19 AM
REO stands for real estate owned by banks acquired through foreclosure or debt forgiveness. Some banks refer to it as OREO standing for other real estate owned (as in not in the operation of the banking enterprise such as bank building, service center, satellite operation, etc.). I just completed a manual search of our mls records for bank owned single family homes in Key West. I think that the list may not be complete because some lenders may not necessarily be taking title to new REO in the bank's name. The list does not contain condos or town homes or any … (3 comments)
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old town: 709 Bakers Lane Key West Open House
- 05/23/08 01:36 AM
I am hosting an Open House at 709 Bakers Lane in Old Town Key West on Sunday, May 25th from 11:30 AM until 2:00 PM. I've written about this property several times. It has to be one of the best deals in Key West. The perfect island getaway beautifully located atop Solares Hill on a quiet lane is this completely renovated walled estate. The main house has Brazilian cherry floors and 16' cathedral ceilings. The new gourmet kitchen has a SubZero refrigerator, Viking wine chiller, Jenn Aire range and microwave ovens, 2 Bosch dishwashers, granite counter tops and cherry/cream glazed cabinets. … (1 comments)
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old town: Water-Blogged in Key West
- 05/20/08 04:30 AM
I was watching a new episode of HGTV's National Open House last night. The episode featured homes in Minneapolis, Charleston, S.C., and San Francisco, at price points of $250,000, $500,000, $750,000 and $1 million. CLICK HERE for more info on that episode. In the middle of the program there was a gay couple in Minneapolis that bought a home in a deteriorated neighbor hood about ten years ago. As I recall they paid somewhere around $100,000 for their home. They worked their magic on the house and made it absolutely shine. I was just amazed at what they accomplished without spending … (0 comments)
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old town: 917 United Street Key West, Florida (Potential Short Sale)
- 05/14/08 02:54 AM
The neat house at 917 United Street in Key West is now offered as a Potential Short Sale. A Short Sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured by the property upon receipt of less money than is actually owed. That's the hope anyway. 917 United Street is a 3 bedroom 2 bath home that has been very nicely remodeled. The house is 1678 sq ft and sits on a 6233 sq ft corner lot. This property makes extremely good use of the … (0 comments)
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old town: Sales in the City
- 05/13/08 03:37 AM
I have received e-mails and phone calls from potential buyers asking about specific properties I have mentioned here as being buying opportunities. Two separate properties just closed that I had written about, so I decided to let you see how the market acted. 1103 Virginia was wild. It was a bank foreclosure and was listed at $499,900. GO HERE to read what I wrote about the property. What I did not write is that I showed it to several potential buyers, two of which were interested. I told each buyer to go to the City offices to investigate how the City … (0 comments)
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old town: 518 William Street Old Town Key West
- 05/12/08 03:40 AM
So many people want to buy a cute little house on a great block in the heart of Old Town. But when the chance arises, most shy away. Right now many fear that we have not seen the bottom of the market so they think they will wait it out to see what happens. Some would-be buyers are "bottom feeders" and are looking for the absolute rock bottom price. I can't fault them for that. But absolute rock bottom prices usually occur on bad properties or properties with a crappy location or all of the above. The house at 518 William … (4 comments)
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old town: 601 Caroline Street Key West -- Guest House for Sale
- 05/10/08 02:53 AM
Got a few hundred thousand dollars laying around earning only 2% interest or so? Are you as afraid of the stock market as I am? Does the rotten economy scare the beejeezus out of you? Ever since I made my first trip to Key West many years ago I noticed there were always several guest houses for sale. I started looking at the properties for sale and gathered the financial statements so that I could compare income and expenses to see which of the properties looked the most promising. Of course, I always wanted to buy the prettiest property or the … (1 comments)
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old town: 728 Love Lane Old Town Key West
- 05/09/08 03:10 AM
The charming home at 728 Love Lane in Key West is located down a quiet lane in the heart of Old Town and is an exceptional 3 bedroom, 3 bath home. The location is an easy stroll to the center of Duval Street. This residence is a must see for anyone who desires the best in location, privacy, security, top notch construction, and superb attention to EVERY detail. Some features include: Off street parking, heated, custom reverse infinity edge pool, two zone A/C, whole house back up generator, professional chef's kitchen built by a custom furniture maker with Wolf/SubZero/Bosch Appliances, spacious … (1 comments)
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old town: Is the Glass Half Empty or Half Full?
- 05/07/08 03:06 AM
I was full of doom and gloom yesterday as I listened to the evening news. There was a story about good people in Minneapolis who have had their electric power turned off because of past due utility bills. A Minnesota state law forbids power companies from yanking the power cord during the winter, but now that spring has sprung, the utilities are free to act. I watched a mom fretting over what had become of her life. She works for a living, and pays her bills. And this is what her life has come to. Within minutes the talking heads on … (1 comments)
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old town: 730 Passover Lane -- Affordable & Adorable!
- 05/05/08 03:06 AM
This little charmer at 730 Passover Lane sits directly across the street from the Key West Cemetery. The home has been on the market for some time and the price has been periodically reduced from $795,000 to $499,000. That's right, $499,000. Now it is officially affordable as well as adorable. CLICK HERE for more info and additional photos. Click on the photos to see larger views of this quintessential Key West cottage. The living area is quite large features a vaulted ceiling. There are lots of windows and French doors so the entire living-kitchen-dining area is open and inviting. The kitchen … (0 comments)
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old town: April 2008 Real Estate Sales Report for Key West
- 05/02/08 03:31 AM
There were 23 single family homes that sold in April 2008 for a total of $16,442,000. The one an only short sale was at 1119 Oliva Street that I reported earlier this week. But there were three bank foreclosures that sold. All three sold for about one half of the original mortgage amount. Interesting! Eleven condos and town homes sold during the same time period with sales totaling $7,612,900. Two of those were bank foreclosures, and both were at 1800 Atlantic Condominiums. The same bank that foreclosed on one unit financed the repurchase by a new buyer. (It was my customer … (1 comments)
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old town: 8 Passover Lane Old Town Key West, Fl
- 04/28/08 03:12 AM
I have often written about the virtues of living life on one of the slow lanes of Key West. Well, 8 Passover Lane is about the slowest of the slow lanes as possible. It is so slow that it is really just walkway about 6' wide that provides access to the three cottages on the lane. I can see some readers thinking I must be nuts. But read on. This is how the listing Realtor describes the home: "Absolutely perfect story book cottage in one of the most desirable locations in Old Town. Step onto the rocking chair front porch and … (1 comments)
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old town: High Anxiety? -- 701 Elizabeth St. Key West
- 04/23/08 05:43 AM
In my March 1st blog called "Season's Beatings" I said "Most of the sales that have occurred [recently] are a result price reduction. There is still a hesitance by many buyers who think the market will fall further, especially after Season ends. I agree. But bargain hunters may miss getting the plum properties just to save money. Homes in Key West are not like fungible goods. They are unique. So the smart buyers are buying location and value at a good price. Some people may make good money buying what is leftover at the end of the day." I then said … (3 comments)
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old town: 823 Johnson Lane Key West
- 04/19/08 11:16 PM
It is really unfortunate that it is coming to this. Good people with dreams of making something nice and creating a future for themselves are seeing those dreams being dashed through no fault of their own. The sad fact is that now even homes in the Old Town area have been dragged down into the Short Sale pool along with so many properties in the Mid Town and New Town areas that were over priced when they sold 3 or 5 years ago. The beautiful home (and it is a home, not a house) at 823 Johnson Lane is located in … (1 comments)
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old town: Garden of Eden 120 Angela Street Key West
- 04/18/08 03:11 AM
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 … (0 comments)
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old town: Just Listed: 916 Fleming Street Old Town Key West
- 04/17/08 02:16 AM
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 … (0 comments)
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old town: 826 Olivia Old Town Key West -- Short Sale
- 04/16/08 07:34 AM
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 … (0 comments)
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Major Price Reduction of $500,000 on this Key West landmark property located at 410 Simonton Street in Old Town Key West. Now offered at $1,350,000 or $418 per sq. ft. for a true beauty. There property is presently used as apartments, but could be returned to single family splendor. This property could be a great renovation project, and at the asking price, it might make economic sense to a buyer looking for a home with great street appeal. The house has 3230 sq ft of living space in 3 buildings. It sits on a 106' X 60' (6360 sq.ft.) lot. CLICK … (0 comments)
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