Why are so many properties for sale in the complex/neighborhood?

First off: My apologies to everybody who has subscribed to my blog and received an e-mail announcing my change back to Century21. That was an old post (I have been back with C21 now for several months) and somehow that post was automatically resent to all subscribers. I have no idea how that happened.

Now to this post: I have been out showing a lot of property lately and one of the most common questions is :How many properties are for sale in this neighborhood/complex? When I answer, this question follows: "Why so many?".
Because not much has sold over the past two years. Properties have come on the market and just sat; meanwhile more properties come on the market and they just sit too because sellers continue to ask too much money for their property.
Real Estate Value has significantly dropped in the Keys over the past 2 years and that is a bitter pill to swallow for property owners in the Keys.
The Keys are a very unique and desirable area; we do not have as many distress sellers as there are in most other areas. Most distress sales in the Keys are by owners who purchased their property at the top of the market with creative financing. Many of these owners had the intention to flip the property and not hold onto it for a long time. Then the market changed and all over sudden flipping was no longer an option. Those are most of the short sales and foreclosures.

I have been selling Real Estate in the Keys for a long time; here is an example how prices changed over the years: This is not an isolated or extreme example:
I sold a condo to customers for 220K in 2001 (I think it was 2001) and sold it three years later for 850K! You can imagine that many people started to invest in the Keys; the Keys no longer were just a great place to own a vacation home but also a great area for investment. Money was easy to get especially in high appreciating areas such as the Keys and a lot of people bought as much property as they could get financing for. It was a sellers market!
Here is where the problem in the Keys started (In my opinion): Sellers became greedy. I recall going on listing appointments telling the seller what would be a marketable price for their property and not getting the listing because another Realtor had told them a much higher (unreasonable) price for which they would list the property. Needless to say the listing went to the agent who listed the property at a much higher price. That property would sit because overpriced properties don't sell - even in a sellers market. Now the next door neighbor wants to sell their home and uses the asking price of his neighbor as a comparable and so on. Before we knew it the majority of listings were overpriced and did not sell.
Supply and demand governs if it is a sellers or buyers market; as supply grew, demand grew smaller.
This actually happened before Real Estate starting doing poorly everywhere else in the US.
We all know what happened next.

Activity in the Keys has picked up greatly over the last few months.
The Keys will always be a desirable place and continue to be a good area for an investment for that reason. That is one of the reasons why many people are looking for Real Estate now: they know that it is a buyers market and the really good deals are flying off tbe shelf.
This is not the best time to sell but there will always be owners who are ready to sell their property. Some are old and no longer use the property, some inherited the property and are not interested in it, some want to buy something somewhere else ...

You can sell everything in any market for the right price.
Here is the problem in the Keys: Most sellers are not willing to realize that the value of their property is not what it was 3 years ago; not even close!
When I told a seller not too long ago what would be a marketable price for his property he was not very happy with me and told me that he appreciated my honesty but he is not desperate. Selling something at market price is not desperate!
The value of something is what somebody is willing to pay for it.

That is the reason why so many properties are on the market in the Keys: Because at least 80% of them are overpriced.
Personally I do not understand why every owner who does not need to sell and is not willing to price their property at a marketable price does not take their property off the market. It's not going to sell anyway; the property just floods the market.
BUT there are those sellers who really want to sell and there are buyers ready to buy at the right price and that is the sales activity reflected in the Keys right now.
If you are a buyer: don't pay any attention to how many properties are for sale in a neighborhood/complex. It does not indicate that it is non desirable area; it reflects that most properties are overpriced! When determining the value of a neighborhood or complex don't look at other listed properties for sale, ask for comparable actual sales! That is what an appraiser goes by! An appraiser is not permitted to use other asking prices for compatibles.

This is a great time to pick up a good deal.
If you work with me you can rest assured that I am aware of all recent sales and will advice you with the knowledge you need to be educated about the current Real Estate market in the Keys.

Noteworthy properties - good deals

Hello everybody. Apparentely none of you are looking for 3 Million and over ... I received no requests for showings on that.
This post will be a mix of all kinds of properties that I consider to be a good deal in the current market.

Great condo deals under 600:
Click here

If you must have dockage and a view, of the above; these have it:
Click here
Some of the others have dockage facilities but they are not assigned or deeded.

Best condo deals from 600K to 800K:
Click here


Canal front houses under 700K:
Click here

Best canal front deals under a Million:
Click here

Best open water front deals:
click here

By the way: if you go back in my posts you will find that many of the properties I featured as good deals are under contract now. Good deals are moving and I will gladly assist you in finding a great deal for you.
Please call 305-393-0923 or e-mail me at Wiebkewestedt@aol.com if you are looking for Real Estate in the Keys.

It's Sunday - check out what you can buy if you have 4 Million to spend and more

Hey, I realize most don't have 4 Million and more to spend but sometimes it's just fun to window shop a little to see what's out there just in case you do win the lottery:
So click here and dream a litte

If you do not need to win the lottery to purchase one of these homes and are interested please call me 305-393-0923 or e-mail me Wiebkewestedt@aol.com

500K price reduction on this Venetian Shores house! Under contract!

999K for a CBS, 5 bedroom home on Leoni Drive. If you know Venetian Shores I don't have to tell you what a great deal this is!
Venetian Shores is THE prime boating community in Islamorada! It has the widest and deepest canals in Islamorada and the canals are very deep. You can dock a sailboat or a yacht! Venetian Shores is located on the bayside at MM86, right by Snake Creek: this means very quick ocean access! The house is superior CBS construction (this keeps your insurance low) with 5 bedrooms and three baths. The sellers are looking for a quick sale and have reduced the price accordingly.
Find more info on the property here

For more info or a showing please call me at: 305-393-0923 or e-mail me at Wiebkewestedt@aol.com

Best deal houses in the upper Keys

Finally, here is the new 'best deal house' blog:
CBS stands for Concrete Block construction by the way.
SF - Single Family home, dry lot means that the property is not on the water.

Lowest priced CBS dry lot homes in Key Largo:
Click here
Frame, dry lot homes in Key Largo:
Click here
Lowest priced CBS dry lot homes from MM74 to MM90:
Click here
Frame homes: :
Click here

Lowest priced canal front CBS homes in Key Largo:
Click here
Frame houses::
Click here
Lowest priced canal front CBS homes from MM74 to MM90::
Click here
Frame homes: :
Click here

Lowest priced open water front homes in Key Largo:
Click here
Lowest priced open water front homes from MM74 to MM90:
Click here

If you have any questions regarding any of these or other properties please contact me at 305-393-0923 or e-mail me: Wiebkewestedt@aol.com

Best condo deals

Today I will tell you what I consider to be the best deals in condos currently on the market in the upper Keys.
Tomorrow I'll post houses.
Upper Keys are from Mile Marker 74 to Mile Market 110 (Islamorada to Key Largo).

When looking for condos it is important to decide what your priorities are. Do you need dockage, are you planning to rent out your property, is a view the most important issue, etc. ?).

There are only two complexes that permit daily rentals in the upper Keys: Mariners Club and Ocean Pointe. Both complexes have on site rental management but you do not have to use the management company on site. Needless to say: these properties generate the most rental income.
These are all units currently listed in
Mariners Club
Ocean Pointe

These are the best deals in condos that permit weekly rentals:
Click here

These are the best deals with a water view::
Click here

The best deals with some kind of dockage (First come first serve or the possibility of renting a slip on site): :
Click here

Best deals with deeded or assigned dockage:
Click here

The best deals with deeded or assigned dockage AND view:
http://www.flexmls.com/link.html?m7l4n3crhp9,6,1

The best deals in three bedroom condos:
Click here

The easiest way to search for the prefect condo that fits your criteria is to contact me and tell me exactly what you are looking for. I have been selling property in the Keys for 12 years and know every condo complex in the upper Keys inside out. Please call me at 305-393-0923 or e-mail me at Wiebkewestedt@aol.com
I look forward to working with you!

Lowest priced condos, canal front and open water homes in the entire Keys

All canal front homes in the entire Keys under 450K:
Click here

All condos in the entire Keys for less than 275K:
Click here

Open water front homes in the entire Keys up to 1 Million:
Click here

If you are interested in any of these properties or any Real Estate in the Keys please e-mail me at Wiebkewestedt@aol.com 305-393-0923