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Key West, FL Real Estate News

By Gary Smith
(Keys Commercial Real Estate LLC.)
About My Real Estate Services Gary Smith , REALTOR with SBX Commercial Real Estate company, specializes in the sale of fine Homes and Condos in The Florida Keys. Gary provides buyers and sellers with in-depth professional assistance in the sale and purchase of residential property. If you are interested in buying or selling a home, and want the professional assistance of a seasoned expert, who will work diligently in an effort to satisfy your needs, please call him anytime at 305-304-7009. Hopefully, you will find his website to be comprehensive, interesting, and informative. To my Buyers: As a buyer of property, you will receive personalized, professional assistance in both locating the property that suits you, and in negotiating the deal. Before buying any property, you will be an edu...
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By Cindy Kaye
(Cindy Kaye)
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...
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Relocating to Key West and the Florida keys from Canada and the UK Relocating to Paradise can offer you and your family a life of unparalled freedom, with endless summers and the future of your dreams. The economic climate is perfect at this time for Canadians and Brits investing into the States – the pound and the Canadian currency is strong against the US dollar making your choices in real estate endless. I am happy to assist you in every step of the way with your real property investment and to introduce you to those people who can help you find financial support for Brits and Canadians based on their credit status with no questions asked. I have prepared a number of useful links for you to browse through in an effort to answer those hundreds of questions you and your family may hav...
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By Karen Carter
(Coldwell Banker Schmitt Real Estate Co.)
About the Keys and Key West Imagine: Incredible Sunsets, Tropical Weather, lots of sun, Palm tress, Balmy Nights with Soft Tropical Breezes. How about a unique array of colors: for instance, shades of Greens you never knew existed? How about, world-class fishing and diving within minutes of your home? How about year round citrus, vegetables, gardens and really fresh seafood? How about clean air, beaches and pure nature and all of this mixed in with a laid-back Island attitude? If all this sounds (too!) good, consider this--since we only spend a small percentage of our lifetimes outdoors, why not make the most of it? The Florida Keys are a unique American landscape. They are not even like the rest of the Florida. Called by some “America’s Caribbean,” they are reminiscent of the Bahamas o...
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By Karen Carter
(Coldwell Banker Schmitt Real Estate Co.)
This beautiful NEW 3 bedroom and 3 bath home was design with only top of the line finishes. It features a spacious open floor plan, large master bedroom with luxurious bath, over 800 S.F. of balconies with Open Water views. The designer kitchen features custom cabinets,granite couter tops,detailed tile work, and stainless steel appliances. The bathrooms feature travertine counter tops with tile and tumbled marble showers, impact windows and beautiful marble floors through-out the home. This home would not be complete with out the dock side pool,and lush tropical landscaping. Easy access to both the Atlantic Ocean and the Gulf of Mexico. This home is priced to sell well below appraised value. Call today to schedule your private viewing. For more information please go to http://www.bestkw...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
The charming home at 728 Love Lane in Key West is located down a quiet lane in the heart of Old Town and is an exceptional 3 bedroom, 3 bath home. The location is an easy stroll to the center of Duval Street. This residence is a must see for anyone who desires the best in location, privacy, security, top notch construction, and superb attention to EVERY detail. Some features include: Off street parking, heated, custom reverse infinity edge pool, two zone A/C, whole house back up generator, professional chef's kitchen built by a custom furniture maker with Wolf/SubZero/Bosch Appliances, spacious loft to accommodate extra guests, extensive storage, covered veranda with wet bar, ice maker and under counter refrigerator, impact windows and skylights, floor to ceiling marble and decorative ...
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By Tina Masters
(Coldwell Banker Schmitt Real Estate Co.)
Ocean View Penthouse In Key West! Featuring an excellent ocean view, vaulted ceilings & a 40' tiled terrace. You will notice the quality of craftmanship and the attention to detail in this completely renovated 2 BR & 2 BA penthouse unit. The designer kitchen has custom cabinetry with granite counter tops & stainless steel appliances. Baths have travertine marble floors/surrounds w/ top of the line Kohler fixtures. A full body Hans Grohe stainless steel shower tower highlights the master bath. Plantation shutters & accordian shutters in place. 1800 Atlantic, located on Smather's Beach, offers lots of amenities that include 3 tennis courts, an olympic sized swimming pool, sauna, hot tub, garage parking & 400' of private beach. For more information go to http://www.yourkeywestagent.com Lis...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I was full of doom and gloom yesterday as I listened to the evening news. There was a story about good people in Minneapolis who have had their electric power turned off because of past due utility bills. A Minnesota state law forbids power companies from yanking the power cord during the winter, but now that spring has sprung, the utilities are free to act. I watched a mom fretting over what had become of her life. She works for a living, and pays her bills. And this is what her life has come to. Within minutes the talking heads on MSNBC were discussing the notion that this current generation may be the first since the Depression that will not see a future any better than already exists. That really cut deep. I guess everyone in Key West feels a little poorer (real estate-wise) now th...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
This little charmer at 730 Passover Lane sits directly across the street from the Key West Cemetery. The home has been on the market for some time and the price has been periodically reduced from $795,000 to $499,000. That's right, $499,000. Now it is officially affordable as well as adorable. CLICK HERE for more info and additional photos. Click on the photos to see larger views of this quintessential Key West cottage. The living area is quite large features a vaulted ceiling. There are lots of windows and French doors so the entire living-kitchen-dining area is open and inviting. The kitchen is new, compact, and has lots of special little features. The house has one bedroom that also has a vaulted ceiling. It, too, is bright and cheery. But there is also a second level loft with room...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Sometimes I think I sound too pessimistic about what is going on in the Key West real estate market. I talk about prices going down instead of up. I talk about short sales where sellers potentially (Ha!) owe more money to the bank than the property will fetch at sale. I mention bank foreclosures as sometimes being buying opportunities but I know many readers are scared of a market where there are so many foreclosures already and some dumbass like me predicts there will be more. Why a only a fool would buy into that market. Or is it. I remember Christmas 2004 and the beginning of 2005. People in Key West were giddy about real estate. Everything was selling, especially things that were not even built yet. It seemed like everybody wanted in on the action. I had this dufus that lived somew...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
There were 23 single family homes that sold in April 2008 for a total of $16,442,000. The one an only short sale was at 1119 Oliva Street that I reported earlier this week. But there were three bank foreclosures that sold. All three sold for about one half of the original mortgage amount. Interesting! Eleven condos and town homes sold during the same time period with sales totaling $7,612,900. Two of those were bank foreclosures, and both were at 1800 Atlantic Condominiums. The same bank that foreclosed on one unit financed the repurchase by a new buyer. (It was my customer and he got a great deal.) There are a total of 59 homes, condos and town homes currently listed as contingent or pending. That means there are binding contracts between seller and buyer that may either have some con...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
Last week I cautioned that Short Sales may not be all they are cracked-up to be. So today I am touting two Casa Marina Short Sales just to tease you. But who knows, you may be in the 18% of buyers lucky enough to actually close a short sale. Read on and you may be enticed to give it a try. 1712 Laird Street 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 sized laundry room. Handsome privacy fencing, off street parking and p...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I made several entries in my blog suggesting would-be buyers to consider purchasing 1119 Olivia Street in Old Town Key West. The legal two story duplex had been throughly remodeled within the past couple of years and had evolved into short sale opportunity. The original asking price was $1,275,000 in March 2007, but finally ended up at a paltry $570,000. The property sold yesterday at $550,000. CLICK HERE to see what you could have purchased in Old Town if only you had heeded my suggestion. I did show the property to several prospects that were looking for a bargain. The same seller (who is also Realtor but not a personal friend or colleague) has other short sale properties on the market. I just did an mls search of Active Single Family Homes in the Old Town, Meadows, and Casa Marina A...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I have often written about the virtues of living life on one of the slow lanes of Key West. Well, 8 Passover Lane is about the slowest of the slow lanes as possible. It is so slow that it is really just walkway about 6' wide that provides access to the three cottages on the lane. I can see some readers thinking I must be nuts. But read on. This is how the listing Realtor describes the home: "Absolutely perfect story book cottage in one of the most desirable locations in Old Town. Step onto the rocking chair front porch and open the front door to the main level open floor plan with a large living/dining room and beautiful kitchen with custom cabinetry, granite counter tops and stainless steel appliances. Also on the first floor is the master suite w/vaulted ceiling, master bath and Fren...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I just Googled "recognize a bargain" and up comes this incredible blog written by fellow Realtor Dan Melson from San Diego. CLICK HERE to read the item in full. It is worth your while, especially since I agree with what he says. lol!!! The premise of his treatise is that his services as a Realtor are valuable because he has years of experience that enable him to help a buyer find a genuine bargain. Melson says "The ability to recognize a bargain property is a valuable skill. If you disagree with this, what reason do you have for looking at properties before you buy them? Why don't you simply pick out the cheapest property that meets your specifications on MLS, make an offer, come to an agreement, and pay the price, all sight unseen? Remember, you're claiming that the ability to recogni...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
A couple of days ago the Key West Association of Realtors held a lunch hour lecture on Short Sales. The attorney for our association conducted the lecture. There were about 110 Key West Realtors in attendance. There are a significant number of active short sale listings in our market. There are so many short sale offerings that the Florida Association of Realtors and the Florida Bar Association have adopted a Short Sale Addendum that is to be attached to an Exclusive Right of Sale Listing Agreement when a short sale is offered. The form defines a short sale this way: A short sale generally occurs when the Seller's net sale proceeds after payment of customary closing costs from the sale of real property are insufficient to pay outstanding mortgage and /or other lien(s) in full at closin...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
In my March 1st blog called "Season's Beatings" I said "Most of the sales that have occurred [recently] are a result price reduction. There is still a hesitance by many buyers who think the market will fall further, especially after Season ends. I agree. But bargain hunters may miss getting the plum properties just to save money. Homes in Key West are not like fungible goods. They are unique. So the smart buyers are buying location and value at a good price. Some people may make good money buying what is leftover at the end of the day." I then said to expect more price reductions because sellers who need to sell now must expect the worst. "When the buyers leave, the party is over till next year." So Season is done and gone. My prediction about more price reductions is exactly what has ...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
There are two ways to look at bank foreclosures: (1) dumps that nobody in their right minds would buy or (2) buying opportunities. I think the 3 bedroom 2 bath 1060 sq ft condo at 23 Whistling Duck is located in the Nature Preserve area of the Key West Golf Club Development is a buying opportunity. The property is bank owned so we already know we have a motivated seller. The asking price was just reduced to $364,900 or $344 per sq ft. The property is vacant and easy to show. If potential buyers get pre-qualified through Countrywide Home Loans to purchase this (or another Countrywide owned property) they will receive a free appraisal and credit report if buyer finances through Countywide. I'm not a pitchman for Countrywide. But it is sweetening the deal for would-be buyers. I'm cheating...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
It is really unfortunate that it is coming to this. Good people with dreams of making something nice and creating a future for themselves are seeing those dreams being dashed through no fault of their own. The sad fact is that now even homes in the Old Town area have been dragged down into the Short Sale pool along with so many properties in the Mid Town and New Town areas that were over priced when they sold 3 or 5 years ago. The beautiful home (and it is a home, not a house) at 823 Johnson Lane is located in Old Town Key West. It sits midway between the landmark St. Mary's of the Sea Catholic Church at the corner of Windsor Lane and Truman Avenue and the City of Key West Cemetery one full block to the north. Johnson Lane parallels Truman and runs easterly off Windsor Lane. The home i...
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By Gary Thomas, Realtor to the Dreamers
(Preferred Properties Key West)
I have been getting e-mails and phone calls regarding some pretty basic real estate issues in Key West. So I thought I would start a Q & A thread. Explain the difference between Transient Rental and Vacation Rental The City of Key West has an ordinance that prohibits homeowners (and condo owners) from renting their homes on a nightly basis unless the house has a transient rental license. Transient rental licenses are limited to specific areas that are zoned for such use, and those areas are specific and very limited by design. There are a limited number of new transient rental licenses that the city can issue. Some transient rental licenses are available for purchase through Realtors, but the transfer of these licenses from one property are restricted. The City of Key West issues a med...
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