Buying a Home In Key West Florida

Buying a Home In Key West Florida

I talk to a lot of buyers who want to see a house 5 minutes from NOW.  They are staying in a guest house and on the way to Sara Beth's for breakfast the buyer saw a yard sign and they are curious how much houses in Key West go for.

The buyer decided this morning that they don't want to rent any more, saw a yard sign on their way to work riding their bicycle and the buyer wants to go look at that house on their lunch break today.  The buyer is ready to buy NOW.

If you are ready to buy your Key West home we have some work to do.  You don't show up at the doctors office and demand that the doctor writes a prescription for antibiotics do you?  The doctor is going to ask you some questions and look in your ears and in your throat.  The doctor is going to check your heart and your blood pressure.  The doctor is going to ask you about your symptoms and how long they have been going on.  

You should expect a real estate agent to ask you some questions before you go and look at houses.

My first question for every buyer?

Do you have a pre approval letter from a lender or proof of funds?  If the buyer won't get a pre approval letter they aren't serious or they aren't qualified.

I have learned from experience that many buyers have something on their credit that needs to be fixed, is inaccurate or something that needs to be paid before we can get a pre approval letter from a lender.  A buyer may have parking tickets from a vacation in San Francisco 5 years ago that need to be paid, an old emergency room visit that needs to be paid or simply inaccurate information that needs to be removed.  

If you are a serious buyer we need to know now where we stand.  

Fixing anything on a buyer's credit takes 30 to 45 days at the fastest.  If any fantastic home in Key West comes on the market at a great price it will be gone in the first 2 days.  

Buyers ask me what I feel are some crazy question sometimes.  These are the questions of the day:

Buyer:  "Can you kick back a commission to me?  Another agent said they would do this.  If you can match it I'll work with you instead."

me:  A commission can only legally be given to a licensed agent.  I'm not sure how the other agent is giving you a commission legally.

Buyer:  "Can you find me a home that isn't in a flood zone?"

me:  The Florida Keys are coral rocks in the middle of the ocean.  The Florida Keys are a series of islands.  We are 90 miles from Cuba and 150 miles from Miami.  The entire area is a flood zone.  At different points in time nearly every island has flooded.  

There are a few blocks in historic Old Town Key West that are x100 and x500 flood zones which means that the experts think these areas will flood once every 100 or once every 500 years.  If you don't want to live in a flood zone then the Keys may not be the place for you.

Buyer:  "Can you find me a 1,500 sf home for less than $200,000 with 3 bedrooms, 2 bathrooms that is walking distance to the beach, close to a good hospital, shopping and theatre with no bums, no trash and in a nice clean neighborhood.  I don't want to do any repairs."

In Key West the starter homes are in the $300,000 range give or take $50,000.  There are a few $250,000 homes that need a LOT work.  At a minimum the $250,000 homes would need $20,000 of work.  None of those homes are in the 1,500 square foot range.

Key West has warm weather year around.  Key West's warm weather is very attractive to nearly all people.  Key West can be a little "salty."  Key West has a colorful past that includes shrimpers and pirates, writers and fishermen.  The warm weather and the creative personalities that are attracted to Key West give it charm, character and a little saltiness.  Key West is salty, but the homes are not cheap. 

Key West is a big vacation spot and there are dozens and dozens of guest houses and a lot of heads in beds to fill at the big hotels.  

Key West is less than 2 miles by 4 miles where 1/2 of the land is owned by the military.  The areas run into each other.  You'll find a 2 million dollar house next to a pasta restaurant and a school.  You'll find an art gallery in the middle of a block in a residential neighborhood with restaurants on every corner.  One home will be zoned single family residential and on the very next block all of the single family homes will be zoned commercial limited.

There is a 550 sf condo that is $69,000 on the 2nd floor of a condominium project on the water.  The dues are $488 per month.  It's 5 minutes from a hospital.  A beach is not any where near this area.  It's probably going to be gone by Saturday morning (it's Friday night).

There is a duplex in Key West that is a 2/2 upstairs and a 1/1 downstairs that is $184,900.  It needs work.  The condo dues are about $200 per month.  It's about 10 minutes from a hospital and a 15 to 20 minute bike ride to a beach. 

Those are the cheapest deals on the market now.  

If you are a serious buyer then get a pre approval letter before we look at property.  Then we can take a look at what is on the market and what has sold and begin a serious conversation about buying a home in Key West Florida.

 

Maya M. Thomas, Realtor
Sellstate Island Properties
829 Simonton Street
Key West, FL  33040
(305) 522-1398
Buyer Service Commercial
Search Real Estate
Blog
MyRealPro@gmail.com

Maya has sold 100% of the short sale properties she has listed for sale.  Visit www.ShowcasePortfolioProperties.com or call (305) 522-1398 to learn more. 

BA from Florida State University, Communication, Cum Laude, REO Realtor, Certified by the National Association of Realtors as a Short Sale and Foreclosure Specialist (SFR), Certified At Home With Diversity, National Association of Realtors, Florida Association of Realtors, Key West Association of Realtors, National Association of Real Estate Brokers, National Association of Hispanic Realtors (NAHRE) and the Asian Real Estate Association of America (AREAA).

Disclaimer:  Not all properties or businesses talked about in this blog are my listings or my businesses.  Information has been gathered from my life, my habits, my favorite stores and restaurants and things to do as well as the multiple listing service.