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Key West, FL Real Estate News

By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Style. Grace. Warmth. Whimsy. Charm. Together they add up to quite a package when you are talking about a person or a house. Of course if you are talking about a person being at the right place at the right time is pretty important. And if you are referring to a house, location is most important! Don't we know it. The new listing at 1108 Fleming Street has just about everything a discerning buyer could want. This is how the listing Realtor describes 1108 Fleming Street: "Beautifully appointed historic home on one of the most prestigious streets in Old Town Key West. Three bedroom conch house with guest cottage, inviting pool and off street parking. Open floor plan with high ceilings, french doors overlooking lush tropical yard. Large master suite with office area, family room with vaul...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
There is a new listing at 726 Fleming Street in the very heart of Old Town Key West that may interest you second home buyers that want a place you can rent to help pay part of the cost to buy the place. The listing agent, who is not located in Key West, and so far has not complied with our listing requirements and supplied any photos of the property, says this about the property: "LOCATED IN THE HEART OF KEY WEST!! THIS 2 BEDROOM, 2 BATHROOM BUNGALOW WITH HIGH CEILINGS HAS ONE OF THE FEW TRANSIENT RENTAL LICENSES!! DO NOT MISS THE OPPORTUNITY TO OWN THIS SPECIAL PROPERTY. NO NEED TO HAVE A CAR, WALK TO EVERYTHING! PRICED TO SELL." CLICK HERE to see all of the agent supplied information. 726 Fleming Street is located one house to the east of Love Lane. Love Lane is situated east of the ...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
This week the Obama Administration opened the door to travel to Havana just a bit. I'm thinking it's going to open pretty wide fairly soon. I think such a move will be positive for both Americans and Cubans. The exchange of commerce and ideas doesn't hurt anybody. Key West already has a brisk tourist trade by ferry from Ft. Myers. I assume there will probably be a similar Key West-Havana connection not to far into the future. But I have a better idea: buy a vacation retreat at 6 Havana Lane in Old Town Key West. Forget the 90 miles to Cuba bit. It's less than a 9 minute walk to Duval Street where you are still (technically) in the United States, most people here speak English (except at the Winn Dixie checkout register), and the American dollar is still accepted. This is how the listin...
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By Ruben Concepcion, NMLS#271193
(Keys Financial Corporation)
Greetings,  Remember in prior emails and blog ( www.activerain.com/blogs/rconcepcion ) we had discussed that one of the key signs of recovery to watch for would be efforts to take bad assets off  bank balance sheets in order to improve their financial health.  This would in turn make it easier for them to lend out new money.  Two important new developments in the past week: •1)      The Financial Accounting Standards Board (FASB) agreed to relax "mark-to-market" rules.  Mark-to-market has up to now required that businesses value assets on their books at current market value.  This has been very detrimental to banks because the market for many of the loans on their books has all but dried up.  Therefore, they were forced to write down the value of these assets even if they had no intenti...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I sometimes tell people that I used to an attorney. Sometimes I tell them I used to do commercial loan workouts for banks. And sometimes I tell them I used to work for the Resolution Trust Corporation - the former government agency that got us through the last financial crisis. Last week the owner of my gym, Sam, and I were talking about some locals and he referred to them as "I used to Be's." "What?" I asked. He said just about everybody that moves to Key West "used to be" something more important where they came from. They came to Key West to live their lives and took up jobs that were either more fun, more fulfilling, or maybe jobs that just kept them busy so they could live life in Key West. Like death and taxes, living life in Key West beats the alternative. After I moved here I m...
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By Gary Smith
(Keys Commercial Real Estate LLC.)
  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.  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 neighboring communities of Stock Island, where a lot of the remaining commercial fishing is based, and which used to be where Key West’s supplies were “stocked” in the 19th and early 20th centuries, and Key Haven, with...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
If you read my blog regularly you know I'm really fond of William Street and Fleming Street. Well, the house at 730 Fleming Street CLICK HERE sits at the axis of both streets. So it enjoys a really great Old Town location just right for being close to everything. The front porch is also a great site to sit and watch the world go by. CLICK HERE to see a photo of the house from the 1970's. Hasn't changed. That's the beauty of old houses in Key West. The property at 730 Fleming Street is currently listed for sale at the asking price of $1,050,000 or $500 per sq ft. The listing Realtor describes the property this way: "On the corner of Fleming and William Streets in the Heart of Old Town. Two homes totaling five bedrooms and three baths. The main house has four bedrooms and two baths, wood...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
There is a really big short sale at 1418 Leon Street in the eastern section of the Casa Marina area of Key West. For the reader unfamiliar with the area, this house is located just north of Flagler Avenue and just east of White Street. It is a very short distance to the beaches to the south, Old Town to the north and west, and the shopping centers and airport to the east. This is how the listing Realtor describes 1418 Leon Street: "Elegant & Luxurious Architect's Dream Home in the quiet and exclusive Casa Marina East neighborhood of Key West. Designed by award- winning, nationally acclaimed architect Michael Miller. Top quality finishes including American cherry wood floors, custom moldings, and dramatic marble floored entry. High ceilings, designer kitchen, bright and open floor plan ...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Unlike a lot of short sale properties where the buyer and seller have to play this guessing game of whether the lender will or will not accept a short sale "offer", the lender on the new three story town home at 809 Washington Street #101 CLICK HERE in the Casa Marina area of Key West has already approved the short sale of $899,000. This property is a listing of Preferred Properties (but not my listing) and I have no "inside information" that I am disclosing or withholding. The listing agent describes this property this way: "Bank approved price! Perfectly situated in the heart of the Casa Marina district is this truly beautiful 3-story townhome. Cathedral ceilings and custom-cut Carlisle Lumber pine floors welcome you to this quality home perfect for year round living. Bright & open g...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
If you are among the potential buyers who have learned to search the real Key West Association of Realtors mls website (CLICK HERE), you may have noticed that a few properties have recently had price increases. That is not a typo. Price increases. Take 623 Fleming Street as a case in point. I wrote about 623 Fleming in January when it was just listed for sale at the then asking price of $895,000. Everything I said about it then still holds true. Except the price. Now it is priced at $975,000 or $554 per square foot. And since I'm incredibly lazy, I'm just going to copy and paste what I wrote then. "It had to happen. The "For Sale By Owner" attempt did not work. The house located at 623 Fleming Street was offered for sale by the owner for the better part of last year. The house won the ...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
This is how the listing Realtor describes 1322 Thompson Street: "Captivating Key West home is the result of collaboration between designer & artist Debra Yates, renowned landscape architect Raymond Jungles & the current owners. The outdoor space is perfection with a spectacular pool with mosaic mural waterfall, large dining pavilion & meandering paths through the exotic tropical gardens. The interior has a style of simple elegance with cool white walls, travertine marble floors & an abundance of windows & pocketing glass doors. The 2 bedroom 2 bath main house has an open living space and a large master suite that opens to its own private porch and adjoining sundeck. The separate guest cottage is bright and consists of a bedroom & bath. Enter the gate of this private oasis and you may n...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Kudos to two fellow Realtors - Doug Mayberry and Bob Cardenas. Doug listed the big manse at 708 Eaton Street (next door to the former Calvin Klein House) for $2,675,000 and Bob produced the buyer that purchased the house on Friday for $2.4 million. CLICK HERE to see what the fuss is all about. Congratulations to both of you. I used to own and live at 511 Eaton Street when it was known as Eaton Lodge. I sold it in 1995 but I know what the street sounds like during the day and at night. My place was about 125 feet east of Duval so I got to hear the noise from there as well. I must admit that some days the noise can get annoying. Not all day. Tourists on motor scooters honking their horns for no reason at all. Or Choppers with no tail pipes making as much noise as they possibly can-on pur...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Preferred Properties is hosting an Open House at five of our great Key West properties on April 5th, Palm Sunday, from 1:00 to 3:00 PM. Please stop by one or all to see what may end becoming your home in Paradise. The homes featured include: 1400 1st Street CLICK HERE This property is huge and has one of the most incredible pools on the island. Everything is brand new and top of the line. 415 Amelia Street CLICK HERE is located just west of Duval Street in Old Town. The two bedroom home is bright and cheerful. There is off street parking, a pool, and a guest house located poolside. 64 Front Street CLICK HERE is an elegant five bed 5 bath single family estate type home in Truman Annex. Poolside guest cottage and off street parking. 712 Southard Street CLICK HERE is located just two bloc...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
San Francisco isn't the only place with Chic Chicks, Painted Ladies that is. Key West has its own Painted Ladies. They hold court nightly under the street lamps on Truman Avenue between Duval Street and Whitehead Street. By coincidence, happenstance, or whatever, two of the old dames are now offered for sale. 409 Truman Avenue is located right at the corner of Whitehead and Truman. This very unique property is located one block from the Hemingway House. Three Bedrooms and three bath Conch house with central air and off street parking. The house is 1790 square feet and sits on a large 3918 sq ft lot. CLICK HERE to read more detailed information on the house but especially to see the quality photos of the house and lot. There is room for a pool! What'smore, the listing agent told me the ...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
There were a total of 18 single family home sales in Key West between March 1st through March 31st. Six of those sales were short sales and one was bank owned. Old Town had seven of those single family home sales. The average price per square foot in Old Town was $484. In 2008 there were six single family sales in Old Town and the price per square foot then was $583. Not a good trend, if it is a trend. None of the single family home sales in March 2009 would be considered a major Key West home. I wrote about 804 Elizabeth Street several times. It was originally listed for sale in April 2007 for $1,695,000, and it sold in March 2009 at $950,000 or $490 per square foot. That house had one of the most beautiful pools on the island. The location is a short two block walk to Duval Street. A...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
If you have read my blog for a while or watch the movement of properties on the Key West Association of Realtors website you will see that some short sale properties seem to sell quite quickly and that others seem to languish. If you are dazed and confused by the process, the paragraphs that follow may offer some interesting insight on what some listing agents, renters, and owners do that impact why some properties sell and why others do not. 1. Some real estate agents seemingly do not understand the point of a short sale is to assist a troubled property owner to sell his/her property to a buyer for an amount less than the seller owes to his lender(s) on the condition that the lender(s) agree to accept that lesser amount in full satisfaction of the loan. The seller benefits from not ha...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
This is the second time that 1209 Olivia Street has been returned to the market after the lender was unwilling to accept the short sale price negotiated between the seller and buyer. If you are among the many people who saw this house and got frustrated that you did not get to submit an offer, you just got a new chance to own a place in Paradise. The new asking price is a price that the lender will agree to accept: $610,000. This is what you will get for your money: Desirable Meadows single family home totaling 2 bedrooms/ 2 bathrooms plus small pool house. Heated concrete pool, off-street parking, resurfaced wood floors, new bathrooms, central a/c, Chicago brick patio, newer decking around pool. The house has sat vacant for several months, so it smells a bit. There is also a spiral st...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
If you are looking for a pretty, clean, comfortable and peaceful place far from the Madding Crowds in Old Town, the Mid Town area of Key West has a great single family home that is a real Short Sale buying opportunity. 1712 Laird Street is located just two blocks from the Atlantic Ocean and the nearby beaches. Here is how the listing Realtor describes 1712 Laird Street: "This is a wonderful renovation of a concrete block house with high open ceilings, open floor plan and French doors that lead to a large deck and beautifully landscaped gardens. There are 2 bedrooms, 2 beautiful baths with a study that can be used as a third bedroom. Shell stone floors through out, walk-in closets and plentiful storage, central air, stainless steel appliances, beautiful hardwood counter tops and a good ...
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By Sean Farrer, P.A., Real Estate Professional
(Coldwell Banker Schmitt)
85% or more of the population starts their home search online, we as Realtors need a large presense online in order to attract home buyers and get the homes sold. I have found the various Computer certifications I achieved helped me sell 3 homes in just under 40 days even in this market place.
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