Dreamers:Feast your eyes on the above island in the Florida Keys with house built by a "major recording artist" some years back and which is dropping in price precipitously over the past week. This house has been on the market since September 1, 2006 and has still not found a buyer.
Here is the MLS description of this mansion:
Private Offshore Island With 3/3.5 Luxury Home In The Keys! Owned & Improved By Major Recording Artist W/ New Pool, Hot Tub, Central Air, Concrete Pier, Jet Boat, 35kw Generator In Sound-proof Shed, 850-gal/Day Desalinization, New Electric, New Landscaping & High-end Finishes. Self-contained, 70' Onshore Lot W/ Concrete Dock, 3-story Custom Home, 360 Degree Ocean Views, Impact Windows & More.
Here are the stats:
Status: Active
Original Price: $10,000,000
Prior Listing Price: $3,799,000 (this change just 7 days ago)
Listing Price: $2,995,000
Address: 0 Melody Key
Key/Island: Summerland Key
Subdivision: Misc Summerland Key
Mile Marker: 28.0
Prop Type: Single Family
Days on Market: 1376
Bedrooms: 3
Bathrooms: 3.1
Square Ft. 2,822
Price Per Sq. Ft. $1oo.00
Lot Sq. Ft. 0
Year Built: 1992
Taxes: $14,800 (subject to change)
Tax Year: 2005
Exemptions: None
To see more photos of this house, click here: PHOTOS
At least the Realtor for this listing hasn't been playing games by taking the house off market and putting it back up a half-dozen times to try and hide it's real loss in value over the past 1,376 days.
How low will this one go? Well, since September 1, 2006, it has already lost more than 70% of its value. I'll wager this one loses another 20 to 50% from its current listing price of $2,995,000 before it is all over.
Stay tuned.
Rock in Paradise
8 comments:
The problem with all these type of housing posts IMHO is the use of one wrong word, that being VALUE where it should just be PRICE. There is a huge difference in meaning, and the reality of this PRICING proves it. Great piece.
Could it partially be because the exterior is plain UGLY? Prime example why money do not equate to taste.
And have to ask: what's with the HS gym floor finish?
Gee, I bet they'll be getting even MORE interest once it's surrounded by all that lovely BP crude and dead fish and pelicans.
Agree with the above comment about value vs price. Price is set by the seller. True value is set by the buyer.
The photos of this property certainly don't make me want to see this little "paradise."
It will be interesting to see the "true" value when it finally sells - not the sellers inflated idea of its value.
It would be a fine place to live if you didn't have to work for a living and were young enough not to worry about having a heart attack or other medical problems.
So it there are any independently wealthy 20 year-olds out there...
Otherwise, not much of a market. People can only spend so much on the tropical island fantasy.
Wow. I really does look like a high school gym in there. And it really is tasteless. Dang. All that lovely waterview and sunny landscape, and that's the best interior they could manage???? It's like some cavernous restaurant.
I believe the "major recording artist" who owns this is in the band 311.
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