There are two ways to look at having cash these days. One, if you have a lot of cash you are very fortunate. Two, if you have a lot of cash you probably won't get a very good return if you park it in a bank or a CD. Interest rates are terribly low. So even though cash is king, if you park your money in a bank you will not earn enough interest to buy much bling.
I just created a list of homes for sale on Key Haven. CLICK HERE to checkout the list of single family homes priced in the low $300s per sq ft to over $1100s per sq. ft. Key Haven is a ten minute drive (on good days) from Old Town. It is our bedroom community where so many locals who got priced out of Old Town migrated to. Most of the homes are located on canals that provide boating access to the deep waters only minutes away. Click the photos to see the kind of spectacular views some of these homes have.
Some of the homes on the list are short sales meaning the seller owes more than the amount of the asking price but hopes the lender will accept a discounted payoff in order to avoid possible foreclosure. There is at least one bank owned property on the list (8 Beechwood Dive priced at $499,000 or $364 per sq.ft. - with a pool). It is owned by local bank that has had the property for two long years.
Several of the properties on the list flooded during Hurricane Wilma. Those properties may be priced at a discount because of this.
There are also several very high end properties on the list. These properties have excellent locations and superior upgrades and craftsmanship in their construction. I think there are some good buys on a price per sq. ft. basis on some of these properties. Of course there are more buyers for the less expensive homes, but some of the larger properties are real values even in this stressful environment. It is for that reason that I suggest Key Haven may be a safe haven for buyers who want to capitalize on this current market.
If you see something on the list that strikes your fancy, please contact me, Gary Thomas, 305-766-2642, or email me at firstname.lastname@example.org. If you are looking for a place in Key West other than Key Haven, CLICK HERE to perform your own search of our mls database. Then call me to help you.