About Key West's Old Town

One of the advantages about growing older is that you can predict the future so much more clearly than younger folk. That's my story and I'm sticking to it.

I was an attorney and worked in the banking business in the 1970's through the early 1990's. I went through the Colorado crash. So I have real life experience in dealing with a depressed economy and a depressed real estate market.

I worked for the RTC (Resolution Trust Corporation--the federal government agency set up to clean up the savings and loan debacle) and managed problem real estate assets in a variety of locations across the country. So I think my observations about the present real estate situation in Key West may have some merit for those willing to read my thoughts.

The role of the RTC was liquidate the assets of failed S&Ls. The RTC actually facilitated the transfer of wealth from one group (the S&Ls and their subsidiaries and joint ventures) to third parties. In some instances the assets were extremely valuable and were sold for mere pennies on the dollar. The parties that purchased the assets did so at a time when the market was hesitant--just like it is today. They took a risk. But with that risk came the potential for huge reward. And those that bought the assets were rewarded handsomely.

I see the troubled times in Key West as being buying opportunities. Not across the board mind you, because some properties are still woefully overpriced. But there are specific properties in strategic locations that are now offered at prices below there real market value. And buyers who take the risk in this market at this time will be rewarded in the future for their real estate savy a few years from now.

Take this Classic Eyebrow House located at Campbell Courtyard. The street address is 617 Fleming Street. It sits at the back of the property so it is very quite and yet it is so close to everything that second home owners want in an Old Town property. And it has its own parking spot. This property is also a Short Sale meaning the seller is requesting the lender to accept less than par in the payoff of the mortgage against the property. CLICK HERE for more info and photos on this charming cottage at 617 Fleming Street, Old Town, Key West, Fl. It is now offered at $650,000 or $586 per sq ft. The house is two story, 3 bedrooms, two baths, and nicely appointed. There is a beautiful pool and gardens awaiting you.

Want to see this charmer? Give me, Gary Thomas, a call at 305-766-2642 or e-mail me at kw1101v@aol.com. This is a buying opportunity.

Yesterday I wrote about Short Sale opportunities priced below $700,000. Well, this is a Big Boy Short Sale and it is a buying opportunity for someone with big ideas and a big budget.

709 Windsor Lane is like an island within the Island of Key West. The street address of 709 Windsor Lane and a small pathway are all that a pedestrian will ever see of this huge property. Access is actually gained off Bakers Lane which is in the middle of the block between Southard Street and Windsor Lane and sits at one of the highest points on Solares Hill right in the heart of Old Town.

This is how the listing Realtor describes the property: "Short Sale!!!Priced Below Mtg Balance!Must move Now! Ideal Old Town location on a Double Lot, just 2 Blocks to Duval and the local grocery...Two Off street parking Spaces available for Purchase off this private lane! Features include: 3BR/2 Bath main home w/gourmet kitchen, separate Whirlpool in master bath, Cabana w/Kitchen and 1/2 Bath, Outdoor Shower, Pool w/built-in Jacuzzi and Decks Galore on every side of this Entertainment Mecca!Separate 1BR/1 BATH Mother-in-Law apt w/Separate Entrance. Home does need some addtl TLC: Tenting and Wood Floor refinishing...All offers subject to Bank Approval.Bring All Offers. See MLS#105978/Adjacent to Property...May do Package Deal...Owner is FL Licensed RE Broker." CLICK HERE to see adjacent property on Baker's Lane. It is not necessary to own both properties, but it would be nice to control such a huge piece of ground.

The house was renovated several years ago and it reflects all that was current then. Meaning it needs to be redone. But this property is huge and it sits on a very large sunny lot in a very good location. The house has 3353 sq ft of living space and sits on a 6285 sq ft lot. It is priced at $1,250,000 or $373 per sq. ft. I haven't been in the house for a couple of years but I recall that it primarily needs cosmetic updating rather than structural repairs. So money spent would be going towards making pretty as opposed to making habitable. There is a big difference. Structural repairs are always more expensive in my opinion.

I see this property as an opportunity for someone with vision and some cash to turn a moderate investment into a significant estate-type property. A smart buyer can leverage himself into a very big property. Emphasis is definitely on smart. CLICK HERE for more details and photos.

Please call me, Gary Thomas, at 305-766-2642 or email me at kw1101v@aol.com for more information.

Short Sales in Key West. Can you believe it? This is the town where 3 years ago every property seller had the nerve to demand up to $1000 per sq ft for just about every piece of property in this town. It didn't matter where the property was located or its condition. The high price per square foot was imputed because of its being located in Key West.

Times have changed. There is a lot of inventory of homes that are either owned by banks or properties that are somewhere in the foreclosure process. I have assembled a list of properties for those adventurous souls who want to play Let's Make a Deal with the bank.

A Short Sale is a listing where the seller tells prospective buyers that the seller may be willing to sell below the fair market value of the house if the lender will accept less than payment in full of the mortgage held as security for the home and forgive any further indebtedness on the part of the borrower (seller).

Lenders usually are not willing to accept less than payoffs at par, but these are unusual times. Foreclosure rates are high across the country and Florida has an especially high rate of foreclosures in both numbers and percentages of homes being foreclosed. Most of the homes on the click list are in the New Town area of Key West, but there are a couple of Old Town homes included as well. spend some time going over the list. You may find a property that really interests you.

CLICK HERE for a list of Short Sale properties in Key West priced under $700,000. Each property shown in the photos is in the Short Sale pipeline.

If you are considering purchasing a more traditional type home or condo and don't want to play Let's Make a Deal with the bank, CLICK HERE to checkout all Key West mls listings and then give me, Gary Thomas, a call at 305-766-2642 or e-mail me at kw1101v@aol.com. I'm no Monty Hall. I won't leave you holding a pair of Jockey Shorts as a consolation prize.

So I was driving back from Winn Dixie yesterday around 10:30 AM and got a view of this huge monster in the mangroves by Bay View Park. Since I don't drink, I knew I wasn't "seeing things".

I went home and got my camera to go back and see if the monster was still there. And heavens to Nessie it was.

New York artist Cameron Gainer's sculpture of the Lochness monster was positioned Saturday near the corner of Eisenhower and North Roosevelt Boulevard. The piece is part of Sculpture Key West 2008.

That's part of why living in Key West is such a blast. You never know what you are gonna see. Ever. Everything is always different. Even the guy in the Jeep is oblivious to the Mangrove Mama.

OPEN HOUSE Sunday January 20th 11:30 AM to 2:00 PM 627 Elizabeth Street in Old Town Key West.

Classic cigar maker's house in prime Old Town neighborhood that is near completion. Completely renovated with new second floor addition that is the master bedroom and en suite bath that overlooks the new pool and deck.

The house will be approximately 1369 sq ft under a/c when complete and will have 3 bedrooms and 2 baths. Everything, I mean everything, is new. The entry and hallway are unlike any you have seen in a similar cigar maker's cottage: the hall is vaulted to the ceiling. The ceiling of the great room is also vaulted so the room feels especially large. The kitchen is at the rear of the house and opens onto the new deck and the pool. CLICK HERE for more info.

The house is offered at $1,375,000. The renovation is expected to be completed in about 60 days. So stop by and take a look-see.

There are lots of homes available in the $500,000 to $1,500,000 price range. CLICK HERE to conduct your own search and if you see one or more that tickle your fancy and want to take a closer look, call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v.aol.com. Who knows you may be able to purchase your home in Paradise for a lot less than you thought was possible. Now is the time to buy in Key West.