Tom Foolery in Key West

By
Real Estate Agent with Preferred Properties Key West


I actually cursed at myself on Monday when I saw a new MLS listing in the 1600 block on Johnson Street in Key West. I thought it was a joke. Tomfoolery. But it wasn't. I am not really familiar with that block. I have driven it but do not recall anything memorable about homes located there other than they are normal 1960s houses. Some have been renovated but that specific area has not been upgraded. Period. I have no prior history with the specific property, the owner, or the out of area Realtor. Nothing. But the listing stirred genuine passion in me. See for yourself below.

 

 


Asking Price: $1,100,000.00 for the fixer. I drove by on Tuesday afternoon, got out of my car, and took the photos above and below. 

The Key West Real Estate market has gone MAD. $1,110,000 for  tear down house on a 41' X 88' sq ft lot in an area with known flooding issues. The price $282 per sq ft plus cost to demolish and cart of the old concrete block house. That's another $50,000 or so since cost of trash removal on on island in the middle of the Atlantic Ocean. Add in $1,000,000 to build a new house. You may end up $2.2 million home with a modular house located next door and a basketball hoop in the street. No thanks.

Maybe the out of are agent got things confused. The empty lot located at 1127 Flagler Avenue has been sought after for years. It sold last week for $1,200,000 and never even on the market. Sold SNAP - just like that. While this 6700 sq ft lot is located about six blocks away from the Johnson listing, it is located in the Casa Marina Area surrounded by multi-million dollar homes.  If you get your internet expertise from Zillow, you miss the point. Location is key.

Look at the Johnson property a bit differently. I searched for homes in the $1,100,000 price range on my favorite site - ZILLOW. Look what $1.1 million can buy you elsewhere.

 

 

 

The four houses above are all active MLS listings. If I had $1.1 million to spend on a nice house I would buy one of them and take a plane ridge to Key West once a year. Makes more sense to me. 

 

 

Comments (11)

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

It will be very interesting to see what happens with this property. Perhaps an out of town buyer will use an out of town buyer's agent to purchase the property from the out of town listing agent. Won't that buyer be disappointed when he pulls up.

Apr 20, 2022 04:37 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Gary - it can be true that time spent in real estate can make realty current events seem off-kilter maybe even beyond wacko.  The world continues to change.  And so do things that often seem to be an anomaly.   Until they become standard fare.  

Apr 20, 2022 04:51 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Gary. Bang for you buck is sage advice and a visit to Key West once a year  is even better! Enjoy your day.

Apr 20, 2022 05:01 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

I wonder what will happen with this listing and what it will eventually sell for or if it will sell. 

Apr 20, 2022 08:36 AM
Gary Thomas

Raymond, There are people out there with too many dollars and not enough sense.  Somebody will probably buy it. Probably not at asking but for much more than it is worth. What is going on in our market is disgusting.


Gary

Apr 20, 2022 09:07 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Gary- I love what you said..."too many dollars and not enough sense." And yes, I'd rather pay that amount for a listing anywhere else and fly down to Key West. (even though I love Key West)  Heck, I could buy one in Delray, where we used to live and drive down. 

Apr 20, 2022 07:08 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Apr 23, 2022 05:55 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

At the very least there's only one way to go with the price and that's down

Apr 24, 2022 05:22 AM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Wow, you'll have to update us once it sells. 

Apr 24, 2022 05:43 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Gary - yes it will be very interesting to see what happens next with that property.  We will stay tuned.

Apr 24, 2022 06:59 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
Retired New Hampshire Home Stager

Insanity. I can not imagine anyone paying that price.

Apr 24, 2022 08:59 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Gary:

That's nuts, but then we see things like this often in this crazy market. Someone will step in and buy it, even with what needs to be done, although perhaps not at asking price. Keep us posted if you think about it. It will be eye-opening no doubt.

Jeff

Apr 24, 2022 01:04 PM