Key West's Hot Real Estate Market - Caught Off Guard Twice in Two Weeks

By
Real Estate Agent with Preferred Properties Key West


I was in Colorado two weeks ago when Roger Emmons of Truman and Company listed an empty lot across the street from where I live for $1,450,000. The corner lot is just 4,265 sq ft or 91' X 47' feet. I previously wrote about the property when there was a 1950s house and pool. Current owner owns the property across the street and took the existing house down and filled in the pool. He bought the property for its land value. He paid $1,182,747 in March 2020. The lot sold in two days on the market and closed this week for $1,400,000 ($328 per square foot land only) or a profit of $217,253 in 18 months. Not bad I'd say.

 

I remember showing the formerly listed property to a know it all who already owned a home here. I told him the value of the lot by itself and suggested he snap it up, rent the place out as is for a couple of years and bank the property. He declined. 

Earlier this week Dan Skahen in my office told me he was listing 411 Louisa Street and asked me if I had any buyers. I do. But they are up north making money. I sent them info but waited for the MLS to appear so I could send them current photos. My buyer responded he could not come down to look until October 15. The house was listed on Oct 4 for $2,975,000 and went under contract on October 8th.  The agent told me he had three offers the first day it was in the MLS.

I have buyers coming town to look for a nice place they can rent and retire  to in a few years. They are hoping to find a place under $1,000,000. I sent them two places that meet their cireteria. They responded they remember places in Truman Annex that sold in their price range. First the only property currently listed in Truman Annex is offered at $3,700,000. And there are few properties on the island listed under $1,000,000. What buyers could buy a year or two ago no longer exist at or near those price  points. 

 

Comments (6)

Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

You know the Key West area better than anyone- your buyers should really pay attention to whatever you say. :-)

Oct 10, 2021 05:20 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Gary. When it comes to knowledge of key West properties you are truly the guru with a big shoebox of photographs. Enjoy your day.

Oct 10, 2021 05:30 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Gary - even when you live in Paradise(AKA Key West), it's good to leave sometimes so you can appreciate it a bit more.  Your shoebox of real estate memories continues to grow.  

Oct 10, 2021 06:17 AM
Bill Salvatore - YVP Blog
Arizona Elite Properties - Chandler, AZ
Realtor - Valley of the Sun / golfArizona@cox.net

Key West sounds so amazing, never been there.  But you would be my go to guy.  Hope it is a restful day, As for it being NFL Sunday.  Go Patriots, beat the Texans.  Bill Salvatore

Oct 10, 2021 06:48 AM
Raymond Henson, eXp Realty
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Your market is really moving fast.  Best of luck with your buyers and getting them a wonderful home soon.

Oct 10, 2021 09:49 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Hello there Gary! Yes, it has been quite the market for moving fast this year

Oct 10, 2021 03:44 PM