About Key West's 1800 Atlantic

It's time to update the properties available for purchase at 1800 Atlantic Condominiums. I divided the units between those with valuable Transient Rental Licenses and those without. Units that have a Transient Rental License can be rented daily every day of the year to a different renter each day-just like a hotel room. Units without such a license may be rented on a monthly basis but may only be rented once each month.

There are a total of 13 units currently available for purchase at 1800 Atlantic Condominiums in Key West. The aerial photo above together with the photos of the pool and gardens ought to entice you to consider this oceanfront resort type property as a potential second home purchase. In addition to that fabulous Olympic sized pool and spa are the beach, three private tennis courts, garage parking, on sight property management, and 24 hour security. 1800 Atlantic is close to the Key West International Airport, Smathers Beach, and three shopping centers. It is quick jog down to Duval Street and all the craziness. The proximity to Duval Street (or maybe lack thereof) is one reason returning vacationers opt to stay at 1800 Atlantic year after year. It is close to everything, but it is a destination unto itself.

Smathers Beach (below photo) is located about 60 seconds west of 1800 Atlantic Condominiums. At Smathers Beach you and your friends can play volleyball, participate in all kinds of water sports, or just work on that killer tan. But remember 1800 Atlantic has its own private beach-but the action is down at Smathers Beach.

There are four other important factors to note. Each factor may influence pricing and value. (1) Location. Look at the aerial photo again. Note that the road to and from the airport (Bertha Street a/k/a South Roosevelt Blvd.) runs adjacent to Building "C". Most units that front Bertha Street are priced a little less expensively than other locations. Units that have the best views are usually priced higher. Units on the top floor have vaulted ceilings so they may seem larger. (2) Condition. Some units are "virgin" and look the same today as when they were built over 20 years ago. Others have been remodeled. Some have been tastefully redone. And some less so. Some units may be cheaper than others but may need a little tlc. (3) Transient License. The existence of a Transient License does not in itself mean you will make money right away. Some units have dormant licenses that the owners maintain to preserve the license, but the units have not been rented. Buying a unit with a successful rental history however might make more sense than buying a unit without such a history. Most transient licensed units are offered "furnished". Many are "turn key". Read the mls listing info. (4) Size. Most units are 1357 sq feet in size. Some units are larger. Make sure when you compare the units that you are comparing like kind units. Think of it this way: if you were looking at purchasing a twenty year old Mercedes would you want the cheapest car or would you consider the paint (body) job, the odometer, the engine, and the tires to help determine the better value?

CLICK HERE to look at the units with Transient Rental Licenses. There are seven such units and they are collectively priced at $455 per sq ft. Again, compare location, condition, and size. Unit A 403 is a penthouse unit located directly on the Atlantic Ocean. It is larger than the other units; it has a dead-on view of the water; it is being sold subject to probate court approval. Look carefully at the photos of Unit A 403.

CLICK HERE to look at the six units without transient licenses. You would expect the average price per sq ft to be lower (at least I would), since Transient Licensed units have traditionally been priced about $50,000 higher than units without such a license. At any rate, these units are price on average at $462 per sq ft. Check them out as well. Not everyone wants someone else's head in their bed to help make a mortgage payment.

If you are looking for a second home in Key West and think a condominium might work for you, please call me, Gary Thomas, 305-766-2642 to arrange a showing at 1800 Atlantic. Or send me an email at kw1101v@aol.com.

There are a total of 14 units available for purchase at 1800 Atlantic Condominiums in Key West. The aerial photo above together with the photos of the pool and gardens ought to entice you to consider this oceanfront resort type property as a potential second home purchase. In addition to that fabulous Olympic sized pool and spa are the beach, three private tennis courts, garage parking, on sight property management, and 24 hour security. 1800 Atlantic is close to the Key West International Airport, Smathers Beach, and three shopping centers. It is quick jot down to Duval Street and all the craziness.

Smathers Beach is located about 60 seconds west of 1800 Atlantic. CLICK HERE, CLICK HERE, and CLICK HERE to see why it is so popular. At Smathers you and your friends can play volleyball, participate in all kinds of water sports, or just work on that killer tan.

CLICK HERE to checkout the two (only two remain) SHORT SALE units. However, there are 12 other units still available. CLICK HERE to view the remaining 12units. It is really important to read the listing Realtors comments. Many of these units have TRANSIENT RENTAL LICENSES which means you can rent the unit on a daily basis, everyday, for 365 days per year. Some units may be rented as VACATION RENTALS which is different. The City of Key West allows owners to rent a unit one time per month for up to days to one vacationer. The renter can stay one day, one week, or all month. But the unit can only be rented one time during that month. So having a Transient Rental License might make your rental of a unit more profitable than having a unit that only permits use as a vacation rental.

There are three other important factors to note. Each factor may influence pricing and value. (1) Location. Look at the aerial photo again. Note that the road to and from the airport (Bertha Street a/k/a South Roosevelt Blvd.) runs adjacent to Building "C". Most units that front Bertha Street are priced a little less expensively than other locations. Units that have the best views are usually priced higher. Units on the top floor have vaulted ceilings so they may seem larger. (2) Remodeled. Some units are "virgin" and look the same today as when they were built over 20 years ago. Others have been remodeled. Some have been tastefully redone. And some less so. (3) Transient License. The existence of a Transient License does not in itself me you will make money right away. Some units have dormant licenses that the owners maintain to preserve the license, but have not used. If you want to make money, you need to consider buying a unit that has a rental history. Please note that most units are 1357 sq feet in size. However, a few units are larger. So compare size, because size matters in real estate just as it does in real life.

Only two units have actually sold and closed at 1800 Atlantic as of today. CLICK HERE to see those units. But there are three units under contract right now. The number of available units is pretty large. There may be some sellers getting a little anxious to sell what with the dog days of summer and potential storms heading this way.

If you are thinking of buying a second home in Key West and want to have it help pay for itself, please consider using me, Gary Thomas, to be your Realtor. I am a full time Realtor at Preferred Properties in Key West. You can reach me at 305-766-2642 or by e-mail at kw1101v@aol.com.

"When you finally feel like you are really there. Warm sand." CLICK HERE to see why so many people travel so far to enjoy Key West.

Most people in the United States work 50 weeks a year just to make enough money to have a vacation. For many people it isn't even the cost of a vacation, it is their jobs that prevent them from taking more vacations. I used to live in the real 9-to-5 world, but I was smart enough to plan trips around three day weekends to stretch my vacation days. And I always looked forward to my trips to Key West.

On December 31, 1986 I was stuck at the American Airlines terminal in Miami waiting to catch a plane to Key West. There was a horrible rainstorm and all flights were delayed or cancelled. American finally let one plane leave somewhere around 9:00 PM and I got on it. I arrived at the funky Key West International Airport without any baggage. It was late and there were only a couple of cabs at the airport. I shared a cab with 3 or 4 locals and I told the driver to "Take me to the Copa." Where else would you go without food or clothes on New Years Eve in Key West?

There is an over-supply of condos for sale just about everywhere these days. As a buyer you can buy a place at any destination you please and get a pretty good deal. But the point of buying a place ought not to be just buying to get a good deal. It ought to be about dream fulfillment. It took me about 8 years to finally buy my first place in Key West even though I made up my mind the first week I came here I wanted to live here. I just had to make certain that I got the very best price. And that stubbornness cost me so much money because of all the opportunities I missed.

During the past two decades two different condominium developments have helped buyers fulfill their dreams of owning a place in Key West. One is Shipyard in Truman Annex and the other is 1800 Atlantic. The Shipyard units are all basically 680 sq ft, 2 bedrooms and one bath condos in a quaint setting within walking distance to everything in Old Town. The price per sq ft was cheap when first built, but the amenities and location made the units very popular and that caused the prices to rise.

A mile or so to the south and east you will find the 1800 Atlantic Condominiums. Unlike Shipyard, they ain't quaint. The three buildings have a very modern facade made of reinforced concrete and glass. But once you go inside you understand why so many people have chosen 1800 Atlantic as a second home. Many of the units have a valuable transient rental license that permits owners to rent the units on a daily basis much like a hotel room. In reality the condos are typically rented on a weekly basis but not always for just one week. But it is the ability to rent the unit multiple times during the month that makes transient rental units very appealing to the buyer who wants the condo to help pay for itself.

It is legal to rent a condo at 1800 Atlantic as a vacation rental without a transient license, but the rental rules are different. Owners can only rent the unit once per month for a period of 28 days or less. Only one rental per month. That's it.

There are sixteen units available for purchase at this time. All of the units at 1800 Atlantic are about twice as large as those at Shipyard. The 1800 Atlantic units are all 1357 sq ft and have two bedrooms and two baths. The bedrooms are large. The living rooms and kitchens are large. Many have transient licenses. CLICK HERE to checkout the properties available. Look carefully because some units are actually located next door to each other so you can see a marked variation in pricing on some units. "Why is this?" you ask. The property is 20 years old and many of the units have not been updated with new kitchens or baths. Others have been. Look at the photos of the units and determine which looks better to you.

And of course there is the location issue. The complex looks like a big "U" with all units facing the Atlantic Ocean. The east side of Building "C" has units with view of Bertha Street and the ocean beyond. Units across the hall have courtyard views and the ocean. All units in the "B" building have straight one ocean views but those units sit furthest away from the ocean. Half the units in the "A" building have courtyard views and the other half view the mangroves and nature preserve on the west side of the building. And then there is the other issue of floor level. The higher floor, the more expensive the unit. The lower floors offer the same amenities and square footage as the upper floors, but the upper floors generally offer better views or more privacy.

Several of the units currently for sale CLICK HERE are Short Sales meaning that a short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed. Some of the properties may be priced at about half of what they were sold for a few years ago during the market bubble. I doubt if any of the condos anywhere actually totally pay for themselves. But units that are properly managed and correctly priced ought to generate enough income to help make the purchase of a second home in Key West a possibility. If you do a Google search of 1800 Atlantic rentals you will see many companies and individuals with websites offering units. Prices for rentals vary somewhat based on unit location and condition and time of the year. I think many people return to the same location(and often the same unit) year after year because they know exactly what they are going to get. The best surprise is no surprise.

The photos show 1800 Atlantic at night with the ocean and full moon. Imagine, that could be your view. You could walk your dog or take your kids down to Smathers' Beach just east of the condo or down to the private beach at the condo itself. You could play tennis, go for a Jacuzzi, take a dip in the pool, get a tan, and have a bar-b-que without ever leaving your property. Some people like the tranquility of the ocean and save Old Town for limited visits. To each his own.

Remember I just changed offices. I am now at Preferred Properties Coastal Realty, Inc. If you would like to see any of the units at 1800 Atlantic or get more information on them, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

There has been a lot of sales activity at the 1800 Atlantic Condominiums over the past couple of months. Several units have either sold or are in the contingent or pending stage and are awaiting final closing.

And a few new units have also been added to the roster of units available including an a very attractive transient unit with great ocean views. Located one unit from the ocean front it has many custom features including an entire living room wall with built-in cabinets, book cases and custom window treatments on all 3 sets of sliding glass doors. There are terra cotta tile floors throughout except for the bedrooms and baths. This home shows extremely well. CLICK HERE. Priced to sell at $629,000 or $464 per sq ft.

The number of units available today is 17 or about 10% of the total number of units at 1800 Atlantic. CLICK HERE to checkout the 17 units now available. They range in price from $398,500 to $1,590,000. (The photos show the view from the unit priced at $1,590,000.) A couple are ugly ducks and more than a few are magical vacation homes with incredible ocean views. I think as tourist season starts to wind down we may see some more aggressive price reductions by sellers or we may see sellers more willing to consider low bid offers--not just at 1800 Atlantic but pretty much across the board in Key West.

I think there are deals to be made. My suggestion is that you obtain pre-approval from a local bank (or your hometown bank that will lend out of state) or come with cash in hand and make your best offer. If you want to get an offer accepted, don't complicate it by having lots of contingencies. Offer cash or the next best thing--pre-approved financing. Be willing to close within 15 to 20 days. Limit your contingencies to home inspection, survey (if necessary), and clean title. Be willing to either split the title insurance or better yet offer to pay for title. That way the seller may think a little better about your offer.

Want to look at any of these units? Call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

I have talked with several would-be buyers who think that the economic downturn has not hit bottom. They think prices will continue to fall and that they will be able to buy a second home in Key West at some future date for a lower price than is currently available. They may be right. But they could just as easily be wrong.

In an area where you have lots of similarly located, sized, aged, and comparable constructed homes I can understand how market events could cause prices on individual properties to fluctuate. And in locations that are dependent on one business or one industry, I can see where a downturn in a business segment (such as a plant closing) could dramatically effect prices across the board--not just in housing but in all segments of the local economy. But Key West is different from most parts of the American economy because of its particular location, the housing base, the tourist industry, and the significant military presence.

Some of the reasons people who visit Key West think about buying a second home here is the wonderful weather, the laid back lifestyle, the colorful locals, and the charming homes. There were stories on this morning's Today Show about the miserable weather in Michigan, snow in New York City, an earthquake in Nevada, and rioting in Europe. Our weather seldom changes and the front page of our paper, The Key West Citizen, usually deals local political news and human interest stories. We don't have riots or any serious crime as a rule. Our economy has taken a downturn because of the national emerging recession, but not all segments of the local economy are effected.

There are unique homes like the one I wrote about yesterday (409 William Street) that are very well priced by today's market and that I think will be deemed to have been a bargain just a few years from now. Some individuals who own numerous properties in Key West are hemmorhaging because they own too many properties that they have not been able to sell and have been forced to liquidate at below the now reduced fair market value. There are numerous properties in the foreclosure pipeline or that have been foreclosed that are now offered for sale at dramatically reduced asking prices.

Yet there is still a resistance by some buyers to buy because they think the markets will continue to decline. There are currently 17 condominium units at 1800 Atlantic listed for sale or less than 10% of the 172 units. They range in price from $398,000 to $1,698,000 (or $253 to $849 per sq ft) depending on location within the complex, extent of renovation, and the existence of transient rental license. There are several units that are in the process of foreclosure or that have been foreclosed. Those units have the lowest price points. A few weeks ago I wrote about ocean front and beautifully decorated unit at 1800 Atlantic that was being offered by the estate of the former owner at a very affordable price. It got snapped up immediately. I can understand hesitance or resistance at buying at the top end of a price range, but the units that are being offered as short sales or units that are bank owned are "buying opportunities". But that is just my opinion. CLICK HERE to checkout all current properties available at 1800 Atlantic. See for yourself whether there is a buying opportunity waiting for you.

Several of the properties that I have written about in the past couple of months have gone under contract and closed or are still awaiting closure. Most of the realtors I know are very busy right now showing properties and many are submitting offers. Many of those are There are opprotunites across the island in all price ranges and all types of properties. If you are seriously thinking about buying a property in Key West, it is time to get serious. Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com for more information.

Of course I understand that not everyone believes in the future the same way I do. Some will just hang around waiting for prices to fall. Others may dream of buying a luxury land yacht so they can travel the country in style. But maybe a few will act now and buy into the dream of owning a place in Key West--maybe a unit at 1800 Atlantic.