Florida Keys Real Estate Company 1824 Flagler Ave Key West, FL

Florida Keys Real Estate Company
1824 Flagler Ave
Key West, FL 33040
Phone: 305-296-4422
Cell Phone: 305-304-2433
FAX: 305-296-4462
[email protected]
1 July 2014
Hello, everyone …
Go ahead, I can take it. San Antonio shot-the-lights-out and couldn’t be stopped. Good on them. Watch out
for the dethroned Miami Heat next year, NBA J. Really, making them mad might have been a baaaad idea.
Futbol? A game with a ball where you can’t use your hands is too weird for me, but I have to admit I have been
watching (and enjoying) the World Cup. I don’t get the “extra time” where nobody knows how much of it there
is except the referees … that’s too weird, also. No wonder they have riots. Anyway, good luck USA!!
First of July? That’s life speeding by, I guess … just like my car gas tank. The 2nd half of the formerly-full gas
tank definitely empties-out a lot faster than 1st half. A universal mystery.
Table of Contents for this issue:
(1) Cover letter
(2) Article: Keys Property Values Rise Again (Key West Citizen)
(3) Multi-Units: 1 July 2014
(4) Wildcard entry: Island 107 “Keys Real Estate Show”
(5) My current buyers
(6) Article: Six Tips for Winning a Bidding War (MSN Real Estate)
(7) Article: Book review “After the Music Stopped” by Alan S. Blinder 2013
(8) Neighborhood Spotlight: Cudjoe Gardens
(9) High-end KW properties: 1 July 2014
(10) Southernmost Stars: 1 July 2014
July will be the first full month of re-activating “The Keys Real Estate Show” on radio … this time at Island
107.1 FM. Barbara Bowers and I will do a couple of shows in June, first, to get acclimated then hunker-down
for every Saturday at 10:00 AM. The time slot was chosen for the ease of listeners, most of whom are doing a
week’s worth of errands on Saturday … tune in the car radio! I’ll create a monthly summary of topics and
guests for this newsletter, like last time. I’ll have to cut something else out … ‘cuz it’s becoming a monthly
magazine J.
The next newsletter (August 2014) may be a tad late L. The GENTS are playing in Grand Haven, Michigan,
the evening of 29 July. I will be driving with my drums, and I expect to be back around 2 August. Musicians
(used loosely) are also weird … who would carry a $1,000 instrument in a $15,000 car to drive 2,000 miles to
perform for free at a street dance? I’ll hustle around and get the newsletter out as soon as possible after that!
Jim Smith, Broker Associate and part-owner
Florida Keys Real Estate Company
1824 Flagler Ave, Key West, FL 33040
Ph: 305-296-4422 x244
Cell: 305-304-2433
FAX: 305-296-4462
By TIMOTHY O'HARA, Citizen Staff
30 May 2014
Keys property values on rise again
Values are up, but not as many homes on market to sell
Monroe County Property Appraiser Scott Russell says property values have risen throughout the Florida Keys.
Russell's numbers are consistent with what local Realtors are seeing in the real estate market. The overall
number of sales Keys-wide was down 3% compared to the first four months of 2013, but the overall sale price
in the Keys was up 16% from last year, according to the Keys MLS.
Today vs 4 months ago:
Portion of Keys:
Key West to Shark Key
Bay Point to Big Pine Key
Middle Keys
Upper Keys
Overall Florida Keys
Change in
# of sales:
- 3%
+ 8%
- 6%
- 7%
- 3%
Change in
avg sales price:
+ 20%
- 3%
+ 23%
+ 17%
+ 16%
Realtors speculated the number of sales is down partially because of a lack of inventory. In May 2011, there
were 3,500 properties in the Keys on-the-market. Today, three years later, the number has dropped to 2,765, a
22% reduction. For comparison purposes, at the peak in 2007, there were 5,084 properties for sale.
Keys-wide, high demand and limited supply have allowed sellers to receive more for their properties. In the
Florida Keys six months ago the average listing price was $707,000, but that has risen to $733,000 today. Six
months ago the average sale price was $443,000, but that has risen to $475,000 today. The Property Appraiser
estimates that the total value of properties in the whole Florida Keys has risen about 5.7% this year. This is the
second straight year of an increase. Last year was up by 4%.
In Key West, the median selling price for single family homes today is $680,000 … up 20% over last year.
The median selling price of condominiums is $375,000 … also up about 20% over last year.
JSmith Note: There are lots of different ways to report the figures … resist the temptation to categorize all the Keys
under one percentage increase in sales price. There are just too many variables. Prices are up, inventory is down.
Anything said after that, well, it’s just every-man-for-himself! It quickly gets to be apples versus oranges. BUT I’m
not trying to undermine the significance of these findings. The last eight years have been a huge once-in-a-lifetime
(I hope) real estate nightmare. And the real estate industry is a huge fraction of the overall US economy. There’s a
lot of damage to repair, courtesy of the last real estate bubble and the financial collapse. Good start, however.
KEY WEST multi-unit properties:
On-market and recent sales. 1
List Price:
July 2014
$-per-Unit: (blue = under $200K ea)
DUPLEXES:
2002 Seidenberg Ave:
1122 Eaton St:
1902 Seidenberg Ave:
1004 Watson St:
1112 Virginia St:
1114 Watson St:
827 Baptist Ln:
1321 South St:
1113 Watson St:
1100 Angela St:
1122 Whitehead St:
4125 Eagle Ave:
$ 350,000
$ 549,000
$ 550,000
$ 599,000
$ 659,000
$ 665,000
$ 728,000
$ 750,000
$ 749,000
$ 769,000
$ 849,975
$ 879,000
ROI
ROI
ROI
ROI
ROI
ROI
ROI
ROI
ROI
ROI
ROI
ROI
7.94%
4.05%
6.17%
5.77%
3.33%
3.00%
2.61%
3.78%
4.86%
3.38%
2.53%
2.01%
duplex
duplex
duplex
duplex
duplex
duplex
duplex
duplex
duplex
duplex
duplex
duplex
$ 175,000
$ 274,500
$ 275,000
$ 299,500
$ 329,500
$ 332,500
$ 364,000
$ 375,000
$ 374,500
$ 384,500
$ 424,988
$ 439,500
2007-9 Patterson Ave:
$ 725,000
410 Virginia St:
$ 799,000
1035 United St:
$ 875,000
315 William St:
$ 799,000
622 Grinnell St:
$ 1,200,000
1904 Venetia St:
$ 1,200,000
1700 Flagler Ave:
$ 1,395,000
ROI
ROI
ROI
ROI
ROI
ROI
ROI
7.07%
7.12%
4.30%
7.89%
2.35%
unk
2.39%
3-units
3-units
3-units
3-units
3-units
3-units
3-units
$ 241,667
$ 266,333
$ 291,667
$ 266,333
$ 400,000
$ 400,000
$ 465,000
ROI
ROI
ROI
ROI
3.70%
8.54%
3.14%
2.04%
4-units
4-units
4-units
4-units
$ 224,750
$ 275,000
$ 483,333
$ 473,750
ROI
ROI
ROI
ROI
7.15%
7.61%
8.31%
4.11%
5-units
5-units
8-units
5-units
$ 179,800
$ 190,000
$ 137,500
$ 300,000
New to the market
Reduced
Under contract 6/13/14
Listing cancelled 6/11/14
Listing expired 5/31/14
Under contract 6/6/14
Reduced, bank-owned
Listing cancelled 6/9/14
Reduced
3 UNITS:
Reduced
New, mostly vacant land
4 UNITS:
1127 Washington St
1023 Whitehead St
530 William St:
919-921 Thomas St:
$899,000
$ 1,100,000
$ 1,450,000
$ 1,895,000
New to the market
New to the market
Greater than 4 UNITS:
1101-03 Petronia St:
1012 Fleming St:
1301 Truman Ave:
620-622 Angela St:
$ 899,000
$ 950,000
$ 1,100,000
$ 1,500,000
Reduced
SOLD in the past month:
1119-1123 Simonton St
4-units
SOLD 6/16/14 for $889,000
733 Whitehead St
6-units
SOLD 6/11/14 for $760,000
729 Whitehead St
3-units (transient)
SOLD 5/30/14 for $1.65M
315 William St
3-units
SOLD 6/16/14 for $785,000
Island 107.1
WIIS
305-292-1071
www.island107.com
The “Keys Real Estate Show” airs on Saturday mornings live at 10:00 AM from “Island 107” on FM radio. The station is
located at Duval Square, 1075 Duval Street #C17, Key West, FL. The show is hosted by:
Barbara Bowers, Prudential Knight & Gardner Real Estate Company
Jim Smith, Florida Keys Real Estate Company
The broadcast format will vary week-to-week:
• Some Saturdays it will be Barbara and Jim … or both with a guest
• Some Saturdays it will be Barbara only … or, Barbara with a guest
• Some Saturdays it will be Jim only … or, Jim with a guest
The consistent thing will be the Florida Keys real estate theme!
We would like the listening audience to become more familiar with the
people and personalities who work in the real estate industry at
the-end-of-the-road. That would include:
Realtors … nearly 400 in the Key West Association of Realtors
• Specialists in residential sales
• Specialists in commercial sales
• Specialists in property management:
Long-term rentals (one month or more)
Vacation rentals (with transient licenses)
• Other specialists … time-shares, boats slips, vacant land, etc
• Some work in all phases
Affiliates … professions supporting the real estate industry
• Lenders, Mortgage Brokers
• Real estate attorneys
• Appraisers
• Title Companies, Closers
• Insurers
• Home inspectors
• Surveyors
• Building contractors
• Accountants
• Marketing consultants
• Cleaning contractors
• Landscapers
• Architects
• Interior Designers
• Pool service
• Pest control
Others who have an impact on some facet of real estate
• Organizations … FIRM, Keys Energy, FL Keys Aqueduct Authority, Housing Authority, etc
• Federal government … FEMA, military, Immigration and Customs, NOAA, etc
• County government … Growth Management, zoning, inspectors, Property Appraiser, Tax Assessor, etc
• City government … Code Enforcement, zoning, permits, building inspectors, HARC, planning, etc
We are always on the lookout for GUESTS with particular expertise who’d like to be on the show. AND, we are also
always on the lookout for SPONSORs … those who will support the show and the station financially, in exchange for
radio advertisements and frequent mention on-air! You won’t want to miss this show! The worst thing that can happen
is that you get a good education … and that’s not so bad, is it?
U
My Current BUYERS in the Lower Florida Keys:
U
July 2014
These are a sample of 5 buyers I am currently working with, in no particular order … what they are searching
for, what their concerns are, what issues must be overcome, etc. Some of this may resonate with you , too! It
will be a challenge to highlight 5 new buyers each month … but, let’s see how it goes. By my calculations,
the present inventory of buyers will be exhausted in a few short months, so I’ll need a steady pipeline of
newbies to replenish the inventory and keep this column going. Anyway, if you are a seller (or know
someone who is), maybe one of these buyers would be a good match! I hope you find this interesting, even
with identities withheld. If you are one of my buyer-prospects, surely you will recognize yourself!
U
U
U
U
U
U
Buyer #1: Small world! I’m reconnected to a person whose name I sorta recognized … yes, the same one!
We were in the same Florida RE Licensing course back in the summer of 2001.
And, to shrink the world even more, I purchased a small investment property
from him in 2003, before he relocated out of the Florida Keys. He’s more into
personal investment property than he is property sales, as a profession … and
I’ll bet he’s been very successful! He’s looking at approx $500K condos at this
time, and the jury is still out as to whether this would be another investment
property, or a permanent residence from which to run his real estate empire!
Buyer #2: On a Sunday, I received a CBS (Clear Blue Sky) call from a California buyer inquiring about a
Shark Key property he had seen on the internet. The info was outdated and the
property was no longer available. But after a good lengthy conversation, we
developed a relationship! Now I’m on the hunt for a waterfront property (sandy
beach preferred) with at least 2,000 living sqft and a nice pool. The property
would be a winter-time residence. He’s hoping to find the right property for
under $2,000,000 … and it would be a cash purchase (not a real surprise these
days!) I’m all over it.
Buyer #3:
One of my favorite repeat-customers has been in touch with me about purchasing a commercial
(office) property in a nice location … with about 1,000 sqft of working area,
parking is a requirement, in the range of $500K-to-$900K. If it was a “mixeduse” complex with residential units attached, that might work, too … as my
buyer could use “employee housing” for some of the payroll. Timeframe for the
purchase is before the end of this calendar year, so it’s a good time to be looking
now and converging on the right answer. A few possibilities have been ID’d.
Buyer #4: Trulia.com referred an inquiry to me, from a buyer in Ohio. He saw a mobile-home listing of
mine online, and he is looking for just that (or a similar) waterfront property.
His intentions are to become a snowbird upon retirement in a few years. Search
criteria: 1 or 2 bedrooms, waterfront, under $200,000. It will be hard to meet
that price ceiling! But there is 55 Boca Chica Road “Seaside Resorts” and
Cudjoe’s “Venture Out”. Not impossible. Does Trulia really provide this
referral service … gratis? How are they going to nail me? Stay tuned.
Buyer #5: I received another CBS call … this time from a man in Pennsylvania who at one time owned
several properties in the Lower FL Keys. He sold and relocated for family-crisis
reasons, but now he wants to come back! He’s looking for a single-family home
on the water with a fenced yard for his dogs … hoping to keep the price under
$600,000. He likes Key Haven, but would consider properties as far up as
Sugarloaf (mm17). His target timeframe is to move-in Sep-Oct this year. I
think I can help! I like Key Haven, too J
By Donna Fuscaldo of Bankrate.com
30 APR 2014
Six tips to win a bidding war
Some homebuyers are finding that bidding wars are back. While offering the most money might seem like the
best way to win a bidding war, sellers don't always choose the highest offer. Sellers often prefer offers that are
most likely to close, or that meet other conditions. Here are six tips to help your chances of making the winning
offer in a bidding war.
1. Have a lender on speed dial: Have the financial package together before looking at homes. Have a PreApproval letter in hand. Keep a file constantly updated with most recent pay stubs, all pages —even blank
pages — of recent bank statements and any other documentation the lender may need to make a quick loan
approval. Then you are ready to make an offer. Any hint of trouble qualifying for financing could eliminate
you from the seller's choice of buyers.
2. Cash in your pocket plus the paperwork to prove it: Non-cash buyers need to show Proof-of-Funds with
their offer, along with a strong Pre-Approval. Offer a down payment of 20% if competing against other buyers.
You need to show you have the funds to close and the ability to make up the difference if the appraisal comes in
too low.
3. Make a fast, personalized offer: If possible, see the home the day it goes on the market, and move quickly.
Find out what is motivating the sellers and what they need — such as a quick settlement or a post-settlement
rent-back. Make it as easy on the sellers as possible so your offer is chosen above all the others. Buyers should
offer to help the sellers in any way they can. While price is important, sellers want to know the buyer can
finance the property and meet any other conditions. If you don't know the date when the sellers want to settle,
write "will settle on seller's schedule" into the offer. Allow 30 days of free rent if the sellers want to stay in
their home after settlement.
4. Keep your home inspector on alert: Offers contingent on an inspection can weaken the buyer’s position if
other buyers are waiving an inspection contingency. Buyers should carefully read all disclosures and reports
that are available, because some sellers provide a home inspector's report for buyers. You can also have a noncontingent home inspection done after your offer has been accepted that can provide information on the home's
condition.
5. Eliminate or reduce contingencies: One of the best ways to make your offer stronger is to eliminate
contingencies regarding home inspection, financing or appraisal. If the buyer has cash reserves to cover the gap
between a low appraisal and offer, the appraisal contingency can be waived … but leave the financing
contingency in place for protection. If you can't waive contingencies, at least shorten the time frames. If you
don't need a home warranty or help with closing costs, don't ask for them.
6. Try an escalation clause — maybe: An escalation clause is an addendum to a purchase offer that authorizes
the buyer’s agent to offer a specified amount above the best offer the seller receives. It's a powerful way to
wage a bidding war. Buyers should be very careful, with the understanding that they can live with the
maximum price. Buyers also need to feel that if someone else gets the house at a higher price, that buyer
overpaid.
After the Music Stopped
The Financial Crisis, the Response and the Work Ahead
By Alan S. Blinder
(Penguin Books, New York, NY 2013)
Author: Professor of Economics at Princeton University
Vice-Chairman of the Federal Reserve’s Board of Governors 1994-1996
Member of President Clinton’s Council of Economic Advisors
Op-Ed columnist for the Wall Street Journal, appears often on PBS, CNBC, CNN, Bloomberg TV
Good summary of the financial crisis (people still don’t know quite what hit them) with interesting twists. For
example, the first investment bank to be “bailed-out” was Bear Sterns in early 2008. Not exactly. Bear Stearns
is dead and gone, not rescued, nothing remains. It was Bear Stearns’ creditors that were bailed-out.
At the end of the book, the author presents his “Ten Financial Commandments” for the future of finance:
(1) Remember that People Forget: When good times roll, investors expect them to roll indefinitely. But
they don’t. When bubbles burst, investors are always surprised. Markets and people forget.
(2) Thou Shalt Not Rely on Self-Regulation: It’s the government’s job, and it needs to be done better.
(3) Thou Shalt Honor Thy Shareholders: Directors of public corporations are supposed to understand and
monitor top execs and protect shareholder interests. Directors were asleep at the wheel and did neither.
(4) Thou Shalt Elevate Risk Management: What you don’t know can hurt you. Don’t trust, verify.
(5) Thou Shalt Use Less Leverage: High returns are often the product of applying high leverage to ordinary
investments … which means taking more risk. That’s Finance 101.
(6) Thou Shalt Keep-It-Simple: Modern finance thrives on complexity … indeed, the central idea of
“financial engineering” may be complexity. Did we really need synthetic CDOs? Who understood?
(7) Thou Shalt Standardize Derivatives and Trade Them on Organized Exchanges: Customized, opaque,
over-the-counter derivatives can be very dangerous, serving the brokers … not their customers.
(8) Thou Shalt Keep Things on the Balance Sheet: Structured
Investment Vehicles (SIVs) were off-balance sheet activities
designed to avoid capital requirements, which increased leverage.
Some CEOs were only dimly aware of their existence.
(9) Thou Shalt Fix Perverse Compensation Systems: Pay systems
should not incentivize taking go-for-broke, excessive risks.
(10) Thou Shalt Watch Out for Ordinary Consumer-Citizens: The
meek will not inherit the earth if they are constantly being
fleeced. Sadly, morality needs enforcement. Not protecting the
unsophisticated from predators can undermine the whole economy.
Watching wave after wave of foreclosures sweep across the landscape was
like watching a slow-motion train wreck take a high human toll. The
government had the power to do something about it, but it didn’t. There
were reasons … legal issues over property rights, the huge expense, and
politics. Failure to solve the foreclosure problem is one of the reasons we
have had such a weak recovery for so long.
“We saved the economy but we kind of lost the public doing it”.
Treasury Secretary Tim Geithner, March 2010.
Lower Keys Real Estate Data:
Just the facts, M’aam ©
Cudjoe Gardens is a popular residential community of over 400 homes approximately 21 miles from Key
West. It is known for deep-water canals, easy boating access to open water and concrete, ground-level
homes. The sales information below is from the MLS database for the last fifteen years. It shows the
average sales prices of single-family homes in Cudjoe Gardens:
1999 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05
#Sold:
17
21
17
20 32
25
21
Avg (K)$: 304 369 389 512 583 875 1.1m
Avg $/sf: 182 216 213 302 325 440 550
‘06 ‘07 ‘08 ‘09 ‘10 ’11
8
13
14
15
16 22
845 1.0m 633 691 500 595
553 483 354 357 313 319
’12 ‘13
21
15
555 605
288 313
1998 through 2001 showed a small rate of sales price growth, probably less than the Keys-wide norm. But
beginning in 2002, Cudjoe Gardens started getting noticed as an area of hidden value, and then the boom
was ignited! Average selling prices cracked the $1,000,000 ceiling in 2005. 2006-7-8 marked the downturn
in values, although 2007 showed a good rally. Since 2008, sales were affected by the uncertainty created by
the global financial crisis.
There have been 6 sales so far in 2014 … averaging $642,000 and $328/sqft. 16 properties are on-themarket, asking on average $852,000 and $404/sqft. Getting bold!
If you want the facts, you should be talking to Florida Keys Real Estate Company. No BS.
Jim Smith, Broker Associate and part-owner
Florida Keys Real Estate Co.
1824 Flagler Ave
Key West, FL 33040
Cell: 304-2433
[email protected]
Copyright 2014 by Jim Smith
All Rights Reserved
1 JULY 2014:
High End
Properties
Top 5 Most Expensive properties currently on the market:
(1) Single-family homes
(2) Condominiums
(3) Multi-unit residential properties
Changes from last month in BLUE
Address:
Price:
beds: baths:
Living
Sqft:
Lot
Sqft:
Single-Family: 3730 Sunrise Ln
620 Southard St
20 Sunset Key
5 Sunset Key
1617 White St
$ 9,900,000
$ 9,600,000
$ 5,749,000
$ 5,500,000
$ 3,750,000
5
5
4
3
3
4/2
4/4
4/1
3/1
3/1
3,804
10,822
3,416
2,987
3,259
Condominium: 113 Front #206-7
1500 Atlantic #402
281 Trumbo #207
281 Trumbo #212
281 Trumbo #204
$ 2,699,000
$ 2,300,000
$ 1,859,000
$ 1,735,000
$ 1,695,000
3
3
3
3
2
4/1
3
3/1
3/1
2/1
3,073
2,448
3,126
2,983
2,686
Multi-Unit:
$ 5,000,000
$ 2,400,000
$ 1,995,000
$ 1,895,000
$ 1,745,000
$ 1,695,000
11
4
5
6
5
7
6/1
5,210
10,584 (5 units)
4
3,912
4,528 (3 units)
4
2,832
6,056 (2 units)
4/2
3,420
6,572 (4 units)
4 SOLD 5/30/14 for $1,650,000
4
3,124
5,269 (3 units)
700-14 Thomas St
527 Fleming St
405 South St
919-21 Thomas St
729 Whitehead St
311 Elizabeth St
Photo:
32,000
29,372
8,342
6,242
25,013
n/a new
n/a
n/a
n/a
n/a
******************************************************************************************
5 Sunset Key: ($5,500,000) Waterfront beach house, perfect island
getaway! Unbelievable views of open ocean and surrounding keys.
Master bedroom has doors leading out to the pool and beach. No cars,
only quiet island living and resort amenities. Imagine living on a secluded
island, but being only three minutes from historic downtown Key West
via island ferry that runs 7x24.
281 Trumbo St #204: ($1,695,000) Luxury residence overlooking
historic seaport in Old Town Key West! Covered, secure parking plus
individual private elevators, roof terrace with pool and sweeping views.
Top-of-the-line appliances, cabinetry, finishes and fixtures. Located only
steps from favorite restaurants, galleries, theater and shopping. Make Key
West Steamplant your own private, luxurious retreat.
311 Elizabeth St: ($1,695,000) Grand historic home with double porches
includes owner’s unit and two transient guest units. Classic architecture
featuring lots of Dade County Pine, high ceilings and large rooms. Pool
plus tropical foliage and decking. Fenced for privacy, with parking.
(All narrative descriptions are taken from MLS Listing Agent remarks)
Southernmost Stars:
1 July 2014
The least expensive properties currently on the market
on the island of Key West. Changes from last month are in blue!
Ten least expensive Condos or Townhomes in Key West:
Address:
Ask Price: #beds: #baths: Living Sqft: $/Sqft: Other:
3312 Northside #309
$164,900
2
1
815
202
Foreclosure
3312 Northside #216
$169,625
2
2
696
244
Foreclosure
3930 S Roosevelt #W401 $171,100
1
1
504
340
Foreclosure
3309 Eagle Ave
$192,400
2
1.5
1032
186
Foreclosure
3314 Northside #35
$205,000
2
2
960
214
Conventional
1010 Grinnell #C
$220,000
1
1
510
402
Foreclosure, “Affordable”
3314 Northside #47
$223,000
2
2
920
242
Conventional
3312 Northside #716
$225,000
2
2
696
323
Conventional
3930 S Roosevelt #N413 $239,900
2
2
802
299
Conventional
623 Thomas St #A
$244,900
1
1
454
539
Foreclosure
Missing from last month: 3314 Northside #32 … listing expired 3314 Northside #45 … under contract
1011 Varela St #3 … too expensive
3312 Northside #311 … too expensive
1014 Varela St #4 … too expensive
Ten least expensive Single-Family Residences in Key West:
Address:
Ask Price: #beds: #baths: Living Sqft: $/Sqft:
Other:
2016 Patterson Ave
$317,000
2
1
895
354
Conventional
1317 7th Street
$325,000
2
1
928
350
Conventional
1908 Fogarty Ave
$329,000
3
1
1114
295
Conventional
2904 Harris Ave
$345,900
4
3
1520
228
Foreclosure
1105 Olivia St
$349,000
1
1
619
564
Conventional
904 Olivia St
$355,000
2
1
901
394
Conventional
1122 Thompson St
$359,000
3
1
1337
269
Conventional
717 Galveston Ln
$369,000
1
1
532
694
Conventional (ren proj)
1618 Dennis St
$339,000
2
1
884
383
Conventional
2008 Patterson Ave
$369,000
3
1
1138
324
Conventional
Missing from last month: 2929 Patterson Ave … too expensive 2023 Staples Ave … under contract
Seven properties turned-over from the previous month’s STARS … 35%. Four times an existing SoMo Star
was booted-off the lists, in favor of a less expensive newcomer! 70% of the 10 least expensive condos or
townhomes are bank-owned properties.
Least expensive does not necessarily mean best value. That is determined subjectively by factoring-in other
variables like appreciation potential, amenities, special features, location, condition, age, style, appeal, etc.
Jim Smith, Broker Associate, part-owner
Florida Keys Real Estate Company
1824 Flagler Avenue
Key West, FL 33040
Cell: 305-304-2433 [email protected]
Copyright 2014 by Jim Smith
All Rights Reserved