Gary Thomas, one of my favorite honest Realtors in Key West (there are 4 or 5 I know) posted this comment on December 22, 2008 on his blog about the above house:
CLICK HERE for more photos and information on 725 Whitehead Street. Do not let the asking price of $280,000 dissuade you from considering this little property. It needs work and the owner has asked for all offers with a very quick closing. You may be surprised how inexpensive a redevelopment property can be. Make an offer NOW! It may get accepted.
Underneath Gary's short post I wrote in the comments section:
Gary,
I'd give them $100,000 for that house. Would they consider that offer?
Rock
And I felt a little embarrassed I hadn't called Gary to discuss the offer (I was serious) as I've been too busy with a blog, plus, my hours at work increased while I took a cut in pay during this Tourist Recession.
Regardless, Gary being the consummate gentleman he is responded in the same comments area:
I don't want to discuss what the price here. Call me today, Christmas Eve, 766-2642. I'm working.
Gary
Okay, folks, keep in mind the latest asking price for this prime location on Olivia Street was $280,000 just 16 days ago as Gary so duly noted on his blog.
Moments ago, I was scrolling through photos of the "price reductions" section of my very favorite Key West Real Estate website from Compass Realty and lo and behold I see our fixer upper on Olivia Street has a new listing price which has dropped faster than an anchor dumped over the side of one of our charter fishing boats.
Here's the latest update which took place just 15 days after Gary notified one and all we should make a offer to the seller as "it might get accepted":
MLS#:109293
Status:Active
Original Price:$300,000
Listing Price:$160,000
Price Per Sq. Ft.$167.36
Address:725 Whitehead St
Key/Island:Key West
Neighborhood:Old Town-N of Truman
Subdivision:Old Town - Unlisted
Mile Marker:0.0
Prop Type: Single Family
Days on Market:227
Bedrooms: 2
Bathrooms: 1.0
Square Ft. 956
Lot Sq. Ft. 2,075
Year Built: 1923
Taxes: $3,534 (subject to change)
Tax Year: 2007
Exemptions: Homestead
Price Change: 1/6/09
Any CASH offer will be considered. The family needs to sell this property FAST! Zoning allows for an office or business. Complete renovation is needed for this historic home with location and potential. Built in 1923 this home has over 900 sq.ft.of living space and sits on a 2075 sq Ft lot. No parking.
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To which I add, after thinking it over, some wise words from a friend of mine who now owns a pub in England and who still owns a house on Thomas Street which he spent five years renovating and which still needs work: "Never again, Rocko! The next time I buy, I want a bloody problem free and hassle free house.
And I'm thinking now, "Great location, the neighborhood is one block away from my workplace, and I could use it as a business place. But do we have the time to renovate a place which is said to need "total" renovation?" I pass. But maybe some of you with money and time on your hands wanting a great Key West location might want to try a lowball $100,000 (or even less). Meanwhile, I'm saving money and watching listing prices go from one reduction to another. The bottom is not here. Good luck!
- Rock of A1A News
7 comments:
Just came across your blog. Wow! Key West was the place I found most relaxing for a vacation while living on the East Coast for many years. Now on L.A.s west side, I'm watching prices drop about 30 percent since the height in Fall 2006. I too remember a Key West conch house for $199K--I think it was on Margaret Street--about 15 years ago, and was tempted to buy then, but it seemed like so much. To know these prices are returning again is quite something--I'll be sure to check out the property sites you mention. Thanks.
--Facts and Feelings
Hey Facts and Feelings,
I don't know if you ever saw the Dr. Housing Bubble blog from out your way, but that guy has really done an outstanding job predicting and then following the collapse of housing out your way.
I just spotlighted (on my news blog) one of his new posts under the headline "High End Neighborhoods in Southern California are now collapsing in price" just this morning:
http://a1anews.blogspot.com/2009/01/tuesday-january-13-2009.html
Key Wet.
Rock, call me about Whitehead if you are serious.
Gary Thomas
305-766-2642
Gary, like I said, I will pass. But I am putting you at the top of my list when and if I am ever ready to pounce. That's for sure.
I appreciate your honesty and for the way you have taken heat from other Realtors in town for discussing Real Estate's dirty laundry in the open.
(By the way, I have no reciprocative agreement with Gary. I've never spoken to him over the phone. But I've been reading this gentleman's blog for months now, and I can tell you, he handles himself with integrity I am not used to seeing in this town.
This is a guy I would personally if and when I'm ready to pounce on a house or condo in Key West.
Just read his blog. Get a feel for how he sees things you and I don't see or notice or think about.
This guy is not a spin meister for the local NAR. This guy is someone you and I can trust.)
'Nuff said,
Rock Trueblood
p.s. His blog is on my Honor Roll of Blogs located at the end of my A1A News website.
Go to www.a1anews.com and scroll down til you see Gary's blog titled "Key West Properties"
What's the matter Rock - why not buy it now? You have been waiting for that bargain in Old Town and this is it. What's stopping you? All talk, no action?
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