Florida Keys • Housing Market • Islamorada • Market Activity • REO • July 10, 2012

Market Update – Florida Keys real estate activity July 1st to July 8th, 2012

by Tracy Larson

We had a busy 4th of July here in the Keys. It was pretty much our last big push for tourists, so the rest of the summer is expected to be slow and warm. Thankfully, no storms have impacted us during the first month of Hurricane Season, and we certainly hope that continues to be true.

93 new listings came on the market the first week of July. 50 properties went under contract and 30 properties closed. Not bad for the slow time of the year!

New Listing – Listed for $642,900

New listings include an REO property in Key Largo I wrote about earlier. This property has over 3,500 sq. ft. of living space and 75 feet of dockage. it is just minutes to the open Atlantic. Offered at $642,900, I expect this home to sell quickly.

Pending Sale – Listed for $427,500

Pending homes include one of my favorite homes in Islamorada. This 2/2 dry lot home is in a private, gated subdivision and has a private pool. The interior is very reminiscent of an ideal Keys cottage, with coral wall accents, tile floor and wainscoting on the living room walls. It was listed at $427,500 at the time of contract.

Sold Listing – sold for $735,000

Sold properties include a bayfront home in Key Largo. The 2/3 bath CBS home is all concrete including the roof. It includes a boat basin with sandy beach. Listed as a short sale, it sold for $735,000.

To see the listings, follow the links below:

New Listings

Pending Sales

Closed Sales

Listing information is gathered from the Florida Keys Multiple Listing Service. Listing links will automatically expire after 8/9/2012.

Bank Owned • Florida Keys • REO • July 9, 2012

Bank Owned – Large home on canalfront lot, immediate access to the ocean!

by Tracy Larson

Large canalfront home

Listed for just $642,900, this is a property that won’t last long on the market.

Ocean Views from the rooftop deck

Over 3,500 sq. ft. of living space make this a perfect home for elegant Keys living. 75′ of dockage with the Atlantic Oceans just a few lots away provides excellent fishing and diving access. Marble floors, granite counters, private elevator, custom closets, open patios and rooftop deck with ocean views are just some of the features of this home.

Call or email today for more information.

Bank Owned • Florida Keys • REO • July 9, 2012

Bank Owned – Large home on canalfront lot, immediate access to the ocean!

by Tracy Larson

Large canalfront home

Listed for just $642,900, this is a property that won’t last long on the market.

Ocean Views from the rooftop deck

Over 3,500 sq. ft. of living space make this a perfect home for elegant Keys living. 75′ of dockage with the Atlantic Oceans just a few lots away provides excellent fishing and diving access. Marble floors, granite counters, private elevator, custom closets, open patios and rooftop deck with ocean views are just some of the features of this home.

Call or email today for more information.

Investment • Ocean Pointe • Oceanfront • Reduced • vacation rental • July 5, 2012

Price Reduced – Owner Says “Bring any and all offers!”

by Tracy Larson

Sneak peek at new pricing! Currently listed at $349,000, the owner of this unit will be reducing $60,000 later this afternoon when he signs the paperwork, bringing the new listing price to just for $289,000!

Endless Ocean views from your living room!

A complete remodel was completed in January 2012, including two new baths, and new kitchen with granite counters, stainless appliances and custom cabinetry. Offered fully furnished this unit is totally turn-key and ready to use as a seasonal second home, a year round residence or as an investment property.

Remodeled & turn-key for immediate enjoyment!

Property
features include on-site property management, a heated Olympic sized
swimming pool, private sandy beach, private cocktail lounge, cafe,
oceanfront marina with boat ramp and dockage, lighted tennis courts and
oceanfront gazebo, year round boat & trailer storage and more – all
situated on 69 lush tropical acres. These units provide owners with
excellent rental income, making it very appealing to the investor. Use
it as your own Keys retreat when it’s not being rented. There are no restrictions on when or how often an owner may use the unit.

Easy to show – call today!

Investment • Ocean Pointe • Oceanfront • Reduced • vacation rental • July 5, 2012

Price Reduced – Owner Says “Bring any and all offers!”

by Tracy Larson

Sneak peek at new pricing! Currently listed at $349,000, the owner of this unit will be reducing $60,000 later this afternoon when he signs the paperwork, bringing the new listing price to just for $289,000!

Endless Ocean views from your living room!

A complete remodel was completed in January 2012, including two new baths, and new kitchen with granite counters, stainless appliances and custom cabinetry. Offered fully furnished this unit is totally turn-key and ready to use as a seasonal second home, a year round residence or as an investment property.

Remodeled & turn-key for immediate enjoyment!

Property
features include on-site property management, a heated Olympic sized
swimming pool, private sandy beach, private cocktail lounge, cafe,
oceanfront marina with boat ramp and dockage, lighted tennis courts and
oceanfront gazebo, year round boat & trailer storage and more – all
situated on 69 lush tropical acres. These units provide owners with
excellent rental income, making it very appealing to the investor. Use
it as your own Keys retreat when it’s not being rented. There are no restrictions on when or how often an owner may use the unit.

Easy to show – call today!

Bank Owned • Canalfront • Florida Keys • Plantation Key • REO • Tavernier Creek • June 27, 2012

Bank Owned Fixer Upper on Plantation Key!

by Tracy Larson

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.

Bank Owned • Canalfront • Florida Keys • Plantation Key • REO • Tavernier Creek • June 27, 2012

Bank Owned Fixer Upper on Plantation Key!

by Tracy Larson

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.

Florida Keys • Housing Market • Key Largo • Key West • Little Torch • Market Activity • new listings • pending sales • sold properties • June 20, 2012

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

by Tracy Larson

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

Florida Keys • Housing Market • Key Largo • Key West • Little Torch • Market Activity • new listings • pending sales • sold properties • June 20, 2012

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

by Tracy Larson

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

buyers market • Florida Keys • sellers market • sold properties • June 11, 2012

“How much did the current owners pay?”

by Tracy Larson

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.

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