A little over a year ago there were just about 1000 active real estate listings in Key West. The number of active listings reflected an over-supply of available properties. Few new properties have been built during the past year. Month by month the number of active listings has been trimmed due to sales of existing properties. There are now 833. Key West had 23 single family homes sales in June 2009. CLICK HERE to see all the houses that sold in June. Three of those sales were listed as "short sales" and seven were bank owned properties. There is such a disparity among the properties that price per square foot is meaningless. If you carve out the four large home sales CLICK HERE in Old Town and Casa Marina areas the average price per square foot was $628. These houses are the kinds of ... 07/02/2009

Just Listed (but not by me)814 Carey Lane. This is how the listing Realtor describes this new property: "Ready, set, go! This is the home every buyer has on their wish list. A secluded 2 bedroom, 2 bath one level home plus a separate guest cottage located at the end of a quiet Old Town lane on a 6427(+/-) square foot lot with off-street parking. The open floor plan has many sets of French doors opening to the outdoors and a wonderful screened porch (21 ft. x 12 ft) overlooking the pool. Like new construction, completed 15 years ago, improvements include all new electrical, plumbing and newer roof, replaced approximately 5 years ago. Lush mature tropical landscaping surrounds this property which includes a 12 ft x 20 ft heated pool and adjoining spa. This is a very special property - a ... 07/01/2009

Pardon my trying to be cute with a little play on words. But I wanted to get your attention. This is newsworthy. The really cute cigar maker's cottage at 1117 Watson Street has just been reduced in price to a point where it may make sense to you bargain hunters. The listing Realtor describes 1117 Watson Street thus: "This very attractive cigar maker's cottage is located in the Conch Grove Compound. The tastefully renovated home features pine floors, new kitchen appliances, vaulted ceiling and an open, airy floor plan opening through French doors to a large private landscaped garden. Note the large lot. Walk through the private L-shaped lot to a beautifully landscaped yard with heated pool and sundeck. Also note that the upstairs loft (26 ft. x 11 ft) is not included in the square foota... 06/30/2009

I feel the need to crow about a sale occurred late Friday afternoon. I guess you could call it an "inside job" because the Listing Realtor and Selling Realtor are both agents at Preferred Properties in Key West. Congrats Cory and Dan. That's where I work. 1021 Johnson closed Friday afternoon at the sales price of $1,800,000 or $592 per sq ft. There are two factors that make this particular sale noteworthy. CLICK HERE to see 1021 Johnson Street. I first wrote about this property in March 2008 when it was then a bank owned asset. CLICK HERE to see what I wrote then, if you care. I showed the house several times and I told people the place was a good deal at the "then" asking price. It was. It got purchased. It got improved. It was re-listed on May first, this time by Preferred Properties... 06/29/2009

I probably showed 1209 Olivia Street to just about as many people as the listing Realtor. I think the property was a real bargain at the asking price of $610,000. It sold and closed this week at an even better price of $590,000. That is $387 per sq ft for very nice 2 bed, 2 bath house, "recently updated", with a pool and guest cottage, off street parking, located in a very good neighborhood, in Old Town Key West. CLICK HERE to see the details. Getting a short sale actually accomplished can be very time consuming and bothersome to everybody involved. If you are a potential buyer of a short sale house, my advice is to make sure you have True Grit. I think the buyer on this house got a great property. Congrats! CLICK HERE to search the real Key West Association of Realtors mls database. I... 06/25/2009

I'll probably get yelled at for writing this, but I don't care. I'm as mad as hell and I'm not going to take this anymore! Well, maybe that is a bit of an overstatement. I do want to share my thoughts about local banks in Key West and how they are selling bank foreclosures. I'm not singling any one locally owned bank (local as to South Florida) because they all do pretty much the same thing. Banks sponsor different events in the community to build up good will. Both lenders and operational employees in banks are members in all kinds of service groups and organizations. They make donations of time and money to put a good face forward in the Key West community. Banks sponsor events for Realtors in Key West such as monthly Realtor luncheons, educational seminars, Realtor caravans, Chamber... 06/24/2009

If you've been a landlord, or broker managing someone's properties, for any amount of time one of these stories might sound familiar to you.  A common myth landlords often have is that general repairs are going to be their biggest expense with a property, aside from the obvious tax+mortgage payments.  That is very very wrong.  The largest expense for most landlords is actually what they typically consider their biggest asset, their tenants!  Not all tenants, but based on some of the info I'll elaborate on below, a single bad tenant can turn a property that's been wildly profitable for 10 years into a loss really quick.The tales range from losing a single month's rent to losing a year's worth of rent, or more.  Read the comments below and conclude for yourself.  Then keep reading to dete... 06/22/2009

If you are looking for a project house in Old Town Key West and have a lot of cash, read on. It would be most helpful if you have a good imagination or the money to hire a really talented local architect to help you develop a vision of what this incredible property could become. Since I am sharing this with you, please keep in mind I am also trying to sell property. So if you read this piece and get tempted to see it, please see it with me. If you are already working with another Realtor, please tell him or her you saved one dance for me alone. If you are one of many people that read about 612 Griffin Lane CLICK HERE and regret not buying it, read on. This place is very similar to Griffin Lane, only better. It sits on an Old Town lane (even if it is called a street). The street is only... 06/18/2009

Attention K-Mart shoppers and other bargain hunters. The legal duplex at 1119 Catherine Street in Key West may be the one you have been waiting to find. The property is a short sale and the asking price is now $490,000. Interested? Read on. The listing Realtor describes the Catherine Street duplex this way: "Great renovation in progress - very close to finished. First floor unit is 2 bedrooms, 2.5 baths; the upstairs unit is 2 bedrooms, 1 bath. Both units have covered rear porches. This is a great location - walk or bike anywhere. Condo papers are finished but not filed. New paint inside & out, new electric, new plumbing upstairs and down, new downstairs cabinets and vanities, new tile in the downstairs baths & kitchen, new walls, 37 new windows, most doors are also new. NOT YOUR NORMA... 06/17/2009

Samantha Stevens must have twitched her nose, because the big new house at 929 United Street in Key West sold at a magical price of $1,000,000. You may recall that I wrote about this property CLICK HERE when it was offered at $1,495,000. I really liked this newly constructed house house. Everything inside and outside was done just right-except for the paint on the front porch. This house had top of the line Viking appliances, designer cabinets in the kitchen, high end light fixtures and plumbing fixtures. The grounds were very nicely landscaped and had exterior lighting and a sprinkler system. I mention this sale because 929 United Street was originally listed at $1,950,000 or $1026 per sq ft in February 2008. It sold June 15, 2009 at $526 per sq ft. That is a remarkable price reductio... 06/16/2009

The asking price on 730 Southard Street was just reduced to $1,490,000 or $525 per sq ft. The listing Realtor describes the property this way: "Right in the heart of Old Town Key West sits this jewel of an original Conch home built in the 1800's awaiting your special touch. The history behind this home spans several generations of just one family. The rooms are large, the ceilings are high and everything is original in this two story home including Dade County pine throughout. There's over 2800 square feet of living space including the large master and guest bedrooms upstairs plus the living room, den, study, dining room and kitchen downstairs. The standup attic runs the length of the building with access to the widows walk allowing for a bird's eye view of Old Town. All this plus room... 06/14/2009

About Key West Key West is one of the most popular destinations in the World. Because of this, Key West Real Estate and Florida Keys Real Estate is some of the most desireable property there is. Key West is both a place and a state of mind. It lies about as far away as you can go in this USA, almost part of the tropics, some four hours and 150 miles south and west of Miami. See Keys Newsletter You cross a lot of bridges and spectacular blue and green water to get there, and when you get there you’re only 90 miles from Cuba. Cruise ships consider a stop at Key West part of their Caribbean itineraries! It’s not a big place, and it is a place where real people live. It has a year-round population of just over 26,000 and a median resident age of 39 years. Key West also includes the neighbor... 06/11/2009

Just Listed: 416 Margaret Street - a beautifully restored Victorian home with a legal studio apartment, pool, off street parking that is located in the Heart of Old Town Key West. This is how the listing Realtor describes this property: "Historic Key West charm abounds this Folk Victorian home with a wonderful renovation just completed. Relax on the large front porch with beautiful balustrades and Gingerbread trim overlooking tropical landscaping. A quintessential Old Town neighborhood, 2 blocks to the Historic Seaport and 4 blocks to Duval St. Original Dade County pine lovingly restored throughout. First floor boasts 2 bedrooms, 2 full baths, and living and dining area that opens onto a covered lanai with pool and outdoor shower. A separate entrance on the second floor leads to a beau... 06/11/2009

Just Listed (but not by me!) 1105 Washington Street in the Casa Marina Area of Key West. This 1960 vintage ranch has been recently updated. I know, I live nearby and watched the workers doing all kinds of things to the property during the past couple of years. The house has 1415 sq ft of living space and sits on a 4035 sq ft lot. The house has 3 bedrooms and 2 1/2 baths. 1105 Washington Street is offered at only $750,000 or $530 per sq. ft. The listing Realtor points out that "this is not a short sale". The listing Realtor describes the house this way: "A really nice home located in the Casa Marina area and just a few blocks from the beach. There is an additional bonus room with seperate entrance to be used as a bedroom, office or workout room. Master bedroom has a suana bath. Kitchen ... 06/10/2009

Once there were two. Now there is just one. Yesterday the single family home at 531 Olivia Street in Old Town Key West was sold for $525,000. It had been offered as high as $999,500 in 2006. CLICK HERE to see what you missed. But 529 Olivia Street is still available. At least it is as of this writing. The listing Realtor describes this property this way: "'OLD KEY WEST' TRANSIENT LICENSED CONCH HOUSE. GREAT INTERIOR IS UPDATED & STYLISH, DECORATED & FURNISHED TURN-KEY FOR IMMEDIATE CONTINUED RENTAL OR AS A GREAT VACATION HOME. GREAT CENTRAL LOCATION NEAR BOTH DUVAL, TRUMAN & SIMONTON STREETS! FRONT PORCH AND REAR YARD W/HOT TUB, OFF STREET PARKING. SHARES A DRIVEWAY WITH THE IDENTICAL HOME NEXT DOOR." CLICK HERE for more info on this house and to see photos of the inside. The property ... 06/09/2009

Want to live far from the Madding Crowd? Want to have a place where you will feel confident nobody, but nobody will ever build a place that can look down onto your pool or make noise that will wake you up at the crack of 3:00 AM? Consider becoming my neighbor by buying the really sweet home at 1020 Von Phister Street in the Casa Marina Area of Key West. 1020 Von Phister Street is described this way by the listing Realtor: "This extraordinary home was custom designed and built with master craftsmanship in 2002 by an award-winning architect. Situated on a beautiful block of the Casa Marina area, the property has 3 bedrooms plus an office, 4 bathrooms, a gourmet kitchen, large windows for light and off street parking for 2 cars. An outdoor shower on the second floor master bedroom porch h... 06/08/2009

For those who think they can get a good deal by buying a Bank Foreclosure, may I present two new offerings for your consideration. 607 Margaret Street is located in the Old Town area of Key West. It is two doors to the south of Mangia Mangia for locational reference and across the street from the old Harris School. There is a big tree in front to provide shade from the sun. The interior has Dade County Pine walls. And it is a fixer for sure. The listing Realtor describes this house thus: "Bank Owned. Fantastic location in Old Town Key West. This home has charm and needs your personal touches. Make this your oasis. Backyard has patio. Bedroom on first floor and second bedroom is on the second floor plus additional storage in the attic." CLICK HERE for more info supplied by the listing R... 06/05/2009

No Good Deed should go unnoticed. There were three sales that hit the mls since June first that I believe are worth noting. I wrote about 811 Southard Street on December 21st. It was a short sale. It originally listed for $5,300,000 and sold for $2,500,000 or $656 per sq ft CLICK HERE. That is a great price for a great property in a very good Old Town location. Congratulations to Rudy and Roger. I never got the chance to write about 1020 Southard Street CLICK HERE (the Gingerbread Man House) because it went under contract within a day or so of being listed. It sold at the list price of $1,975,000 or $760 per sq ft. The Gingerbread Man House was renovated a few years ago by the same duo that recently renovated 728 Love Lane. The pretty as a picture house at 728 Love Lane house is on the... 06/04/2009

I wrote an offer over the weekend on a nice house on the edge of Bahama Village. I point out the location because the location is part of the reason the house has not sold. The house itself is very nice. It has the features many potential second home buyers want: enough bedrooms and baths, new kitchen, off street parking, and charm for days. But the location causes most buyers to not even look or if they do look, to choose another location. I wrote in my blog about a similar property a few months back. I hosted many "Open Houses" at the height of the buying frenzy at a house on Whitehead Street just off Truman Avenue. It was newly redone by a real craftsman. Everything was great. It had 3 bedrooms, 3 1/2 baths, granite countertops, 3/4" solid maple floors, a new pool, new windows and d... 06/03/2009

A year ago today I wrote about the month ending May 31, 2008. CLICK HERE to see what I wrote then in full. Everybody in town continues to be an expert on the state of Key West real estate sales and our local economy. I still use this blog to lure new buyers. And I still don't associate with Realtors during my time away from work. There were 7 single family homes sales in all of Key West during the month of May 2009. Two were short sales and one was a bank owned property at 910 United Street. I showed that house at least a dozen times. That place had huge locational and structural issues in my opinion. The house was sagging terribly on one side and had the misfortune of having one hell of a tree in the yard which may prevent any owner from ever putting in a pool to take advantage of the... 06/01/2009