Big Deal in Key West

One of the biggest deals to go through our mls during the past 9 months occurred just yesterday. I wrote about this place several times and showed it to a couple of serious buyers. I consider the place a trophy house because of the location, quality of construction, size, amenities, etc. Not all would agree. One potential buyer complained the backyard was too small. Up north people are accustomed to big back yards. (You take what you get in Key West!) I showed the house when the former owner still lived there and it was very nicely furnished. One buyer commented it would be like living in a Ritz Carlton. (I hate when that happens!) The house was originally offered at $3,400,000 in April 2008. The bank foreclosed and it sold yesterday for $1,300,000. I told my buyer who didn't like the backyard that it would sell for $1.3. I knew it in my heart that was the price. That buyer had the cash to do the deal. But it was not meant to be. I congratulate Terri Spottswood (listing agent) and Barbara Crespo (selling agent) on a great deal.

The Big Deal

Here are a few other sales since January that I have written about where I encouraged potential buyers to take a look.

812 Johnson Lane in Old Town sold for $415,000. Sweet little house with a really nice pool and off street parking.


708 Passover Lane a delightful Old Town cottage across from the Key West cemetery. This place has two bedrooms, off street parking, a pool, and the essential Key West charm. This short sale sold for just $425,000!


524 White Street was a short sale long on value. Very attractive 3 bedroom home with off street parking, a pool, and a drop dead chef's kitchen. Sold for $479,000-wow!


1116 Seminary Street (Casa Marina area) has 3 bedrooms, 2 baths, off street parking, a pool and a very comfortable Key West feel. This buyer got a lot of space and value in this home that sold for just $525,000.


911 Watson Street in Old Town was the hidden gem. I wrote about this place a couple of times and showed it perhaps 6 0r 7 times. Everybody loved the house and grounds but everybody saw the property as too big a project. Sometimes you gotta work to get what you want. The house is old Key West funky and sits on an incredible 10,000 sq ft lot in Old Town that is adorned with all kinds of specimen trees and exotic vegetation. This place if done correctly will be worth five times the price the the new owner paid ($600,000) within a matter of a couple of years. What a great buy!

1412 White Street, another Casa Marina area house, sold for just $685,000. Had this house which is located on White Street been located on Fleming or William, the place would have sold for much, much more. This place is just so sweet. It has all of the things people want in a Key West home. This buyer got a hell of a deal. (This was not a short sale or foreclosure. The prior owner passed away.)


1514 Petronia Street was the model unit for The Meadows development. This home had upgraded interiors that surpassed the already superior features of the other units (models usually do). This bank foreclosure sold for $750,000.


1120 Packer Street was in my blog twice. I was awed by this beautiful home. This place has 4 bedrooms, 3 baths, lots of off street parking, an incredibly sexy pool and garden, and charm for days. Another hell of a deal for $852,562. Not a short sale or foreclosure, either.


416 Margaret Street was in my blog at least twice. What an incredibly beautiful home. Everything was done to perfection without anything being done "over the top". This is the kind of Key West home buyers dream of living in. Everything about this place was designed and built for easy living. This home sold for just $999,000. That may seem like a lot, but the new buyer got a lot of house for his money.


404 Grinnell Street had multiple offers within days of being listed. It sold for $1,395,000 or $70,000 over the asking price. It was given away! What a great home. This place was designer chic from the get-go. This was not a distress sale -- except for those who made offers that did not get accepted.


409 William Street is another property that I wrote about several times. This very large and very impressive home sold for $1,700,000. The prior owner paid more than that for the house before spending over a million dollars on renovation. This place is really large and some buyers I showed the house to felt it was too big for them. What a shame they don't have enough friends to help enjoy this wonderful home. Another great deal.


906 Johnson Street is one of my most favorite houses ever-anywhere. It is a large house that has a very comfortable lived in feel. The rooms and layout just made me feel this is a place made for easy and sophisticated living without being stuffy or pretentious. It had a separate guest cottage and a writer's cottage (I guess I could have written my blog there or invited one of the three authors I have sold homes to come over a write a book or screenplay). The house is surrounded by beautiful gardens (not plants-"gardens") on all four sides. This remarkable home was unfortunately a short sale that sold for $1,769,000. Incredible!


These are tough times. I know several of the former owners of houses listed above that were sold. Some deals were short sales, a couple were bank foreclosures, but all of the sales I mentioned were great deals for the buyers. As much as some may criticize the market and cost of housing in Key West, the fact is real people live here and many more dream of buying a place in Key West now and making the move to live in Key West at some future date. Prices are more affordable now than they were a few short years ago. I know some will say the end of the world is coming and that more short sales and foreclosure will drive the housing market down even lower. Maybe. I doubt it. I think we will begin to see prices start to go up in late December.

I know many potential buyers follow the Key West mls daily. You can see for yourselves how many fewer houses there are for sale now than there were two years ago. The national economy is still hurting lots of people. But buyers that are looking for a second home in Key West are probably more concerned about getting a good deal than than they are about getting laid-off.

The market downturn in Key West has made buying a place in Key West much more affordable than in a couple of decades. Housing prices are down-as are long term mortgage rates. This is an opportune time for locals to buy. One of my most rewarding sales this year was to help a young couple and there young son buy there new Old Town home. It was the market downturn and affordable mortgage money that made that dream come true.

If you are looking for a place in Key West CLICK HERE to SEARCH the Key West MLS and then  please consider contacting me to help you find your new home in Paradise. Gary Thomas, 305-766-2642 or kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Not every deal has to be a big deal to be a good deal.