June 27, 2012

Bank Owned Fixer Upper on Plantation Key!

This is a great opportunity for a canalfront home in a nice neighborhood.  The oversized lot is just one lot away from the open water and offers over 90' of dockage, directly off Tavernier Creek. This location makes it perfect for providing easy access to both ocean and bay.  Needs a lot of work, but it has great potential to be a very nice Keys home.  All concrete construction. Seller will give preference to offers with no inspections. Bring your contractor and do your inspections up front. Being sold as-is. Currently offered at $449,900. Cash offers only; property is bank owned.

June 20, 2012

Market Update - Florida Keys real estate activity June 4th thru June 17th, 2012

School is out, the snowbirds are back home and the temperatures are rising. It is officially summer in the Florida Keys starting today!

This is the time of year the real estate market tends to slow down, and this year is no exception. Fewer properties are moving on and off the market. 150 new listings have been taken in the last two weeks, 87 properties have gone under contract and 78 properties have sold.

New Listing - 730 State Road 4A
New listings include a secluded home with postcard views of the water. This two bedroom home sits on over 21,000 sq. ft. of land. It is located on Little Torch Key, 28 miles from Key West. There is a waterside seating area at the end of the path leading from the home. It is currently listed for $499,000.

Pending Sale - 104 Coastal Drive
Pending sales include a magnificent bayfront home. This 6,000 sq. ft. home is located in Coral Coast, a private gated enclave of bayfront homes in Key Largo. The home has 5 bedrooms, 6 full baths and 2 half baths.  It was listed at $4,200,000 for just 49 days at the time of contract.

Closed Sale - 39 North Drive
Closed properties include a remodeled home in Key Largo in Stillwright Point. This 4 bedroom, 2 bath home has over 1,400 sq. ft. of living space and also has impact resistant windows and doors. It was listed for $595,000 and sold for $565,000.

Follow the links below to view the listings:

New Listings
Pending Sales
Closed Sales

Listing information gathered from the Florida Keys Multiple Listing Service. Listing links will automatically expire after 7/20/2012

June 11, 2012

"How much did the current owners pay?"

This is a question I hear a lot from buyers, and I am sure other Realtors are hear it, too.  While it is easy enough to look up the last sale of a property in the tax records, the real answer to this question is "it really isn't relevant?"

For example, I have a listing in Islamorada, Florida that the current owner has owned for nearly 30 years. Naturally, they paid a considerably lower price than what they are asking for the property now. They also made improvements over the years, such as a new deck, new kitchen and new metal roof, among other things. It makes no difference what they paid in 1985 in today's market.

Even in the event of a short sale, what the current owner paid for the property has nothing to do with what current market conditions are. In a short sale, the current owner almost always paid more than what they are asking now, or perhaps they've even taken equity lines out against the property.  What the seller owes and what the house will sell for and appraise for today are unrelated.

The better question to ask is "what are similar properties selling for now?".  It's best to look harder at sold properties than actively listed properties when answering this question, since asking price is rarely the same as the eventual sales price of the property.

Have a property you're interested in buying? Call or email me and I'll be happy to provide information on similar sold listings here in the Florida Keys.

June 05, 2012

Market Update - Florida Keys real estate activity May 21st thru June 3rd, 2012

The last two weeks gave us the last big weekend in the Keys - Memorial Day Weekend and the official start of Hurricane season - June 1st. Welcome to the slow season in the Florida Keys.

The real estate market has been active, although a bit slower than when we are 'in season".  124 new listings came on the market, 110 properties went under contract and 98 properties sold.

Pretty Joe Rock - Offered at $1,500,000
How would you like you own island?  One of the new listings is a private just off Marathon. Pretty Joe Rock has a nicely equipped cottage on the island complete with water and electricity.  It is offered fully furnished as well. There is an easement and dock onshore to provide access to the island. Offered at $1500,000.

Pending - 13 S. Exuma Rd. Offered at $650,000
Pending sales include a beautiful pool home in Key Largo. This 3/2 home is located near the 18 mile stretch, making it a perfect commute to the mainland. It is all concrete and has 80' of dockage with instant ocean access.

1152 Westshore Drive - Sold for $1,325,000
Sold properties include a magnificent oceanfront estate on Big Pine Key. This stunning estate was offered as a short sale. Just shy of 4,000 sq. ft. of living space, this home has 3 bedrooms and 2.5 baths. It is on open water with endless views. Originally listed for $2,950,000, it sold for $1,325,000.

Follow the links below to view the listings:

New Listings
Pending Sales
Closed Sales

Listing information provide by the Florida Keys Multiple Listing Service. Listing links will automatically expire on  7/5/2012

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