So many people want to buy a cute little house on a great block in the heart of Old Town. But when the chance arises, most shy away. Right now many fear that we have not seen the bottom of the market so they think they will wait it out to see what happens.
Some would-be buyers are "bottom feeders" and are looking for the absolute rock bottom price. I can't fault them for that. But absolute rock bottom prices usually occur on bad properties or properties with a crappy location or all of the above.
The house at 518 William Street was recently listed by an out of town real estate company that paid the fee to join the Key West Association of Realtors so that it could list properties in our mls system and perhaps attract a buyer. CLICK HERE to read the listing info and see listing agent's photos. Not much, huh!
The house is located on one of the best blocks in Key West. Great location that is convenient to everything. The house appears to have been recently renovated and all I can say is that it would be a great property for someone with a lot of family members or several roommates. I am not implying anything negative. The house looks very nice. There are just a lot of bedrooms.
The main living area and kitchen are at the rear of the property. The ceiling is vaulted and covered with a bamboo thatch. The tax records show the house as having 3 bedrooms. I counted 4 or 5 plus a loft sleeping area adjacent to the living room. The room at the front of the house has a separate kitchen/wet bar area. The house has new split unit air conditioning. Some rooms have new floors. Everything looks clean so I do not anticipate a lot of work being required to make the house livable.
EVEN MORE PICS CLICK HERE. There is no room for a pool. The house runs from the very front of the lot all the way to the end. And there is no off street parking. But parking is not a problem on this block.
This house is a short sale. It is listed at $875,000 or $505 per sq ft for this 1732 sq ft house. The house was just appraised by the lender. It has been on the market for 45 days and no offers. Listing agent told me the lender requires that the house be exposed to the market for 90 days at which time the price will be reduced to the appraised price. I know the price, and it is a lot less. A whole lot less! So it is time for some adventurous party to see what kind of deal he/she can swing for a nice house in good condition in a great Old Town location. Interested? Call me, Gary Thomas, 305-766-2642.
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Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties. Let me help you find your new home or business.The inf
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It is a real, nice, clean, and very well located property. It is still over-priced in my opinion.
I think the seller would have been served if seller had engaged a local Realtor to list the property instead of one far, far away. There are a lot of bank-controlled listing agents that are located in Miami, Tampa and other far away Florida locations selling (or attempting to sell) Key West properties. Give me a break. How can a person 150 miles away, or 400 miles away, effectively market a property in Key West? They can't.