old town: Million Dollar Short Sales -- Key West
- 04/14/08 04:31 AM
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. … (3 comments)
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old town: $3 Million Bathtub
- 04/12/08 07:52 AM
(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 … (0 comments)
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old town: Classic Key West Cottage -- Short Sale
- 04/09/08 04:44 AM
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, … (2 comments)
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old town: Dirty Pool -- Bank Foreclosure
- 04/07/08 05:54 AM
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 … (1 comments)
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old town: No Pretense Required
- 04/05/08 09:54 PM
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 … (0 comments)
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old town: 915 Angela Street Old Town Key West
- 04/04/08 06:33 AM
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 … (0 comments)
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old town: Scream -- Not the Movie
- 03/29/08 11:57 PM
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 … (4 comments)
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old town: 508 William Street Old Town Key West
- 03/26/08 06:16 AM
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 … (0 comments)
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old town: 709 Bakers Lane Open House Easter Sunday -- Old Town Key West
- 03/22/08 11:54 PM
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 … (0 comments)
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old town: Some Good News for Good Friday
- 03/21/08 06:12 AM
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 … (1 comments)
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old town: Aversion to Conversion
- 03/19/08 11:45 PM
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 … (2 comments)
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old town: Knock, Knock!
- 03/15/08 08:00 AM
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. … (0 comments)
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old town: Value Buying in Key West
- 03/12/08 03:21 AM
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 … (0 comments)
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old town: Huge Price Reduction -- 421 Simonton Street Key West -- Commercial
- 03/11/08 02:41 AM
The asking price just got a lot better on 421-423 Simonton Street in the very heart of Old Town Key West. This property is the ugliest of ducks in Old Town. But the location is just about as good as it gets. The property is ripe for renovation and the new asking price makes that prospect of renovation more realistic. 421 Simonton was originally listed in April 2006 at $2,299,999. It didn't sell, and the price has been sporadically reduced on March 4th. The new price is $1,350,000. This is what you get for the money: 3766 sq ft building on … (0 comments)
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old town: 709 Bakers Lane Old Town Key West, Fl
- 03/08/08 02:45 AM
Two of my friends from my former office are multi-million dollar real estate agents year after year. During their time off from their busy real estate practice, they renovate homes for fun and profit. They design each property for a discerning buyer and oversee all of the construction to make sure the work is done to their standards. The home at 709 Bakers Lane was their crown jewel in Key West. This property at 709 Bakers Lane is just two blocks from Duval on Solares Hill--the highest point in Key West. The compound is actually two homes plus a guest cottage … (0 comments)
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old town: 826 Olivia Street Old Town Key West
- 03/07/08 01:24 AM
First time to do this. Two blogs entries on the same day. So it must be important. A local Realtor (who is also the owner) just listed 826 Olivia Street in Old Town. The house has been tastefully updated and is priced to sell quickly at $695,000 or $690 per sq ft for this 2 bed 1 bath home of 1007 sq ft on a 1731 sq ft lot. This property was listed for sale at $749,000 in 2007. Old pic shows the house in 2005 before the fairy dust was applied. The other pics are of its present incantation. It … (0 comments)
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old town: Do Overs
- 03/03/08 01:23 AM
Remember wanting to get a "Do Over" as a kid? It had nothing to do with renovating a house. And it had absolutely nothing to do with the "do" or "sweep" some half-bald guy uses to disguise his very high forehead. But it had everything to do with achieving a better result because you knew you could do it better if you could just do it again. It was like instant replay, but with a different and this time winning outcome. I've been selling real estate in Key West for 11 years and I've heard so many people tell me they … (0 comments)
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old town: 831 Johnson Lane Old Town Key West, Fl
- 02/29/08 06:32 AM
Are you tired of everything being just perfect? Everything "Up to the minute"? Want to go back to a quieter, gentler time when time did not matter? When perfect was not de rigeur? When you open the white picket fence and cross the threshold at 831 Johnson Lane in Old Town, Key West you pass gently into such a place and time. It is magical. The house at 831 Johnson Lane is actually a combination of three separate buildings plus a couple of out buildings. All of the living areas open onto the rear pool and gardens. And by "gardens" I … (0 comments)
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old town: 5 Hunts Lane Old Town Key West, Fl
- 02/28/08 01:10 AM
Are you one of those adventurous sorts that feels the need to leave your mark for posterity? Do you want to be the next Norm Abrams and redo a historic Key West home? Well this little home at 5 Hunts Lane may be your dream project. Here's the skinny. The house is located on Hunts Lane which is on the north side of Southard Street midway between Grinnell and Margaret Streets. Five Brothers is located at the corner of Grinnell and Mangia Mangia is located at the corner of Margaret. So you can walk to get your morning jolt of Cuban … (2 comments)
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old town: The Value of Location
- 02/26/08 02:49 AM
Way back in 2003 or 2004 I worked with one of the Key West real estate stars. She had a listing on White Street one half block south of Truman. The house had been totally redone. Three bedrooms, 3 1/2 baths, stainless steel appliances, granite, higher end kitchen cabinets, new3/4 inch solid maple wood floors, pool, and off-street parking. It was listed at $595,000. I hosted Open Houses there for weeks and weeks. I got business off the open houses, but no one would buy it. The feed back I got was that the house was great, but prospective buyers did … (0 comments)
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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. … (3 comments)
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