The best deals in the upper Keys right now

Sorry, it's been a while. I have been busy! Really busy! Not just showing property but writing offers and putting things under contract. The good kind of busy in a Realtors life!
I told you in my last blog that the 'low' priced, weekly rental permitting condos are moving. Proof in point: I will close on two of those in the next couple of weeks.
The majority of buyers in the Keys are realizing that this is the right time to buy! These are buyers who have waited for years to make a move and they look at the prices now; the large inventory and some very motivated sellers. Great place to be in when you are a buyer.
If you are a buyer; check these properties out; they are in my opinion the best deals out there right now.
These are the best deal condos:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080418120313320683000000&s=6&id=1">Click

These are the best deal waterfront homes under one Million:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080418121218656953000000&s=6&id=1">Click

Deals in waterfront homes over one Million:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080418121944211633000000&s=6&id=1">Click

And here now the usual updates:
These are all properties that have come on the market since my last post:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080418122136354956000000&s=6&id=1">Click

These are all properties that have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080418122313288400000000&s=6&id=1">Click

and all properties that sold:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080418122428220600000000&s=6&id=1">Click

Thanks for reading my blog and please call me if you are ready to buy: 305-393-0923

Condominiums that permit weekly rentals

This is what most buyers are looking for right now: Canalfront homes under 800K and condos that are good rental properties. In this blog I will write about the later. Condominiums govern themselves when it comes to rental policies. As long as they are gated and have an association they can decide what kind of rental policy they enforce. Some complexes allow weekly rentals, some monthly, some a minimum of two or three months and a few permit daily rentals. If a complex permits daily rentals it is most liked considered a Condo/Hotel when it comes to financing. The difference is that a lender requires at least 20 to 30 % down payment with a Condo/Hotel designated property. Needless to say that the rental potential of a property is directly related to their rental policies. A complex that permist weekly or even daily rentals generates more rental income because most seasonal renters rent for a week and not for a month. Then why wouldn't all complexes permit daily rentals? Because it means more transient traffic and some complexes try to avoid that.
If you are looking for a condo that permits weekly rentals; these are the ones in the Upper Keys:
Kawama Tower, Seagulls, Moon Bay, Summer Sea, Futura Yacht Club, Ocean Pointe and The Palms.
Here are links to what units are currently available in each of these complexes:

Kawama Tower:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080331002634280510000000&s=6&id=1">Click Moon Bay:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080331002757126307000000&s=6&id=1">Click
Sea Gulls:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080331002859953349000000&s=6&id=1">Click
Futura Yacht Club:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080331002859953349000000&s=6&id=1">Click
Summer Sea: Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080331003019176042000000&s=6&id=1">Click
Ocean Pointe:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080331003158554486000000&s=6&id=1">Click
The Palms:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080331003332784946000000&s=6&id=1">Click
If you would like further info on any of these properties please contact me at Wiebkewestedt@aol.com

Have a happy Sunday and thanks for reading my blog.

Update

Here we are! Things are moving! Properties are going under contract , they are closing .... we are getting towards the end of this tunnel ..... at least in the Keys. Part of the reason is that a lot of sellers have woken up, smelled the coffee and lowered their asking prices to prices they should have been to begin with.
I will keep this blog short because I want to give you the updates:
These are the new listings since my last blog:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080324163957001849000000&s=6&id=1">Click

All properties in the upper Keys that have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080324164443402671000000&s=6&id=1">Click

and all solds:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080324164622745483000000&s=6&id=1">Click

Here is a great quote by Warren Buffet: "Be fearful when others are greedy and greedy only when others are fearful."

Don't wait too long!
Thanks for reading my blog!

Are short sales and foreclosures a good deal?

One would think they are and they certainly can be, but you are making a mistake if you are only looking at short sales and foreclosures in the Keys! Firstly: In comparison to other areas we have very few foreclosures! Most of the few owners who are in distress are owners who bought at the top of the market with 'creative' financing (E.G. interest only loans or variable rates).

Just in case you do not know what a 'short sale' is: A short sale is a sale in which the lender has agreed to take less than what is owed on a property and the borrower can prove that the market value now is less than what is owed and that the borrower will probably default on his mortgage payments if the property is not sold shortly. Here is the 'problem' with a short sale: If a property was bought for 1 Million Dollars two years ago and was bought with 10% down with an interest only loan; there is still 900K owed to the lender. A property that was bought at the very top of the market for 1 Million might now sell for 700K. The bank might agree to a short sale at 800K (that's still a 100K loss to the lender) but it's not really a good deal to a buyer if the buyer can buy a similar property for 700K from somebody who purchased the property five years ago for 500K and is not in distress but simply wants to sell his property.

You must keep in mind that the Keys are a very unique area and Real Estate is governed by location.

Real Estate was doing great everywhere four/five years ago but appreciation in property value was one of the greatest in the Keys! You were able to buy a condo for 300K and the value doubled within a year IF you sold the property the following year. Many owners felt that the appreciated value was money in their pocket and did not realize that it is only money in their pocket if it is actually there and sold the property for the profit.

Once the market started to slow down sellers were not willing to take less than what their property was worth at the height of the market because in their mind the value of the property was what they had anticipated being able to sell it for.

Of course that is not true: The value of everything is how much somebody is willing to pay for it!

I cannot tell you how many good offers I wrote on properties in the past couple of years; offers sellers should have taken but wouldn't because they felt entitled to making 300K within three years of ownership and that's ok because it is their property and they get to decide for how much they will sell. Nevertheless a lot of these sellers are now realizing that the market is not what it was and if they really want to sell they will have to lower their price.

There are quite a few sellers who want to trade up and are looking to buy something larger in this buyers market but in order to do that they need to sell their other property first. These sellers might take considerably less for their property so they can have a down payment for another property that they in return can get for a good price now.

You will not find one person in the Keys who does not believe that Real Estate will be booming again just like it did not too long ago.

As in every investment you need to play your cards right and it is much wiser to ask a seasoned Realtor what is a great deal right now then to just be interested in Foreclosures and Short Sales. You might be able to get one hell of a deal from a seller who purchased his property ten years ago for little money (little being relative) and is now ready to move on and just wants to sell. Find a Realtor whom you can trust and take advantage of their expertize! A saved commission can cost you a lot of money if you over payed for the property just because it was a short sale and you thought that all short sales are great deals!

Let me clarify that there are short sales that are a great deals but don't limit your search to just those properties!

Buy these now!

Happy Valentines day everybody!

Ok, here we are on with the Deals! The Real Estate market is slow; there is no denying that but when you look at my updates you will see that things are starting to move. I have been out showing property almost every single day over the past couple of weeks. As a Realtor it 'kills' you sometimes when you come a across a great deal and you just don't have the right buyer for it.
In my case that is the case with two listings right now. Here is one of them, a unit in Executive Bay Club for 350K:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080214125336278968000000&s=6&id=1">Click
This unit is beauttiful: 1400 SF and everything is remodeled; two full bathrooms upstairs, nice backyard; clearly the seller is ready to sell!

And here is another great buy in the Landings:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080214130027669846000000&s=6&id=1">Click
Bayviews under 500K in a beautiful complex. Seriously: Buy this! You'll be very happy you did within 3 years!

Ok, and here are the updates:
These are the new listings since my last post:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080214130230326302000000&s=6&id=1">Click

these properties have sold since my last post:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080214130354119203000000&s=6&id=1">Click

and these properties have gonde under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080214130501602181000000&s=6&id=1">Click

Thanks for reading my Blog!

Canalfront Deals under 700K!

Hello everybody!
These are not all canalfront homes currently listed under 700K; there are 14 listed in total (CBS and Frame construction); these are the ones I consider the best deals; Check them out:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080204174115767905000000&s=6&id=1">Click
If you are thinking about investing - these are great buys! Rent them out on an annual basis and take advantage of the low interest rate you can get now!
You'll be very glad you did in a few years!

New listings since my last Blog:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080204175835279076000000&s=6&id=1">Click

Properties that sold since my last blog:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080204180126637943000000&s=6&id=1">Click

and properties that have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080204180339525998000000&s=6&id=1">Click

Please call or e-mail me if you have any further questions! Have a great week!

Press Release from Fishermans Cove

Hello everybody!
I received this press release from Fishermans Cove in Key Largo and thought that some of you might be interested in it:
[Key Largo, Florida] After just one month of sales, The Residence Club at Fisherman’s Cove is nearly 25 percent sold out, despite Florida’s struggling real estate market. The exclusive waterfront property on Florida Bay at Mile Marker 104 Bayside provides an ideal way to own luxurious vacation real estate in Key Largo at a fraction of the price. As Florida’s property tax and insurance costs have slowed down the real estate market, Fisherman’s Cove buyers have discovered the Equity Residence ClubSM concept to be an appealing alternative to whole ownership because several owners share those costs. As a result of strong sales, the property is now selling at $329,000, up from $295,000. Throughout the Keys during 2007, average sale prices have declined in the face of large inventory. While the number of sales was down 54 percent from 2005, Fisherman’s Cove is proving to be a more comfortable purchase for otherwise reluctant buyers. “We understand the public is hesitant about buying real estate at the moment, so we are therefore thrilled that the property is being so well received,” says Fort Lauderdale-based developer Bill Thies. “This pre-opening phase is still a great time to purchase before any further price increases.”In 2007 the average sale price for a waterfront home in the Upper Keys was $1.97 million. Not only are Fisherman’s Cove owners paying a fraction of that, but they also receive much more with their purchase.“Members enjoy the luxuries associated with a fine hotel,” Thies comments. “This largely explains why this type of second home ownership is becoming more popular. Owners enjoy services, amenities and conveniences that they simply would not have with a privately owned home.The property’s success can further be explained by trends sited in the 2007 National Leisure Travel Monitor. The survey found that visiting with friends and relatives is the most popular type of vacation for Americans, followed by beach/lake vacations. Florida also topped the list of destinations travelers would like to visit within the next two years. With its waterfront location and spacious residences, Fisherman’s Cove offers a convenient and affordable way to satisfy these latest vacation trends coupled with the services and amenities of a world-class hotel.New purchaser Michael Curry says, “Given the state of the market in Florida these days, I was initially hesitant about purchasing a vacation home. However, when I came upon Fisherman’s Cove, I found it to be the safest and most logical way own.” He adds, “Also appealing is the affordability of ownership without the need for owners to be preoccupied with maintenance and upkeep. Given Florida’s exorbitant property taxes and hurricane insurance, sharing these costs with the other owners is the most sensible way to have a luxurious waterfront getaway.”The Club’s staff oversees maintenance and security and offers full concierge service. Owners have use of Club-owned Hydra-Sports center console boats and private docks for their own boats. Additional amenities include a cabana-lined pool, rooftop terrace with plunge pool, state-of-the-art fitness center , on-site restaurant The Big Chill and a Tiki bar. The Club will store personal belongings on the premises and have them ready for owners upon arrival. For avid fishermen and boaters, a private concierge will be on hand to fuel boats and stock them with fishing bait, drinks and food to make for hassle-free excursions on the water. Fisherman’s Cove follows DCP International’s Equity Residence ClubSM model that was successfully launched 15 years ago. Owners enjoy generous and flexible usage. They can reserve planned, short notice, and space-available vacations, allowing for virtually unlimited access to their residence. These policies explain the success of private residence clubs in the U.S. and overseas. Industry consulting firm Ragatz Associates reports the luxury shared ownership concept has grown into a $2.1 billion industry. Although often confused with timeshares and destination clubs, private residence club owners actually purchase deeded real estate which can be sold, willed or placed in a trust just like any other form of real estate.The Residence Club at Fisherman’s Cove will be open for owner use in March, 2008, and The Big Chill will open to the public in mid-February, 2008.

A great Deal!

Maybe you are not looking yourself right now but maybe you know of somebody who is. Whichever the case; this is a great deal in Key Largo!

Tamarind Bay

Listed at 559K!

The unit is 1400 Square Feet Large with a split bedroom plan; each of the bedrooms having their own bath. You have a beautiful open Bay View from this unit and assigned dockage! Bayview+ dockage is very hard to find under 700K!



This is the lowest priced unit in Tamarind Bay! Large open floor plan, two pools, dockage, tennis courts, sunset Tiki, immaculate grounds! A boatslip for assignment to this unit is avaiable at no extra charge! Freshly painted in a neutral beige with beautiful tile! This truly is a great buy with all the ammenities!




and now to the updated: These are all properties that have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080111202259964414000000&s=6&id=1">Click

these are all new listings:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080111202413659040000000&s=6&id=1">Click

and the properties that sold:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080111202545755727000000&s=6&id=1">Click

Thanks for reading my blog as always!

Happy new year!

I hope you all got well into the new year!
We had a cold spell here - in the 40s! I realize again why everybody from up North loves the Keys! I have been in Florida for over 15 years; I forgot what it's like when you are really cold! (Yeah, yeah, I know in the 40s is not really cold!).

There is some activity; I think quite a few people wanted to see how 2007 is going to go. Not well - that's for sure! Another thing for sure is that people still love the Keys and that the Keys will always be unique and Real Estate will always be very valuable on this small stretch of Islands. Therefor actual sales prices have nowhere nearly fallen as much as in other areas in Florida. Let's wait and see how 2008 will go! I have high hopes!

Oh, here we go; the RE activity since my last blog:

All properties that sold in the Upper Keys:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080108180045215436000000&s=6&id=1">Click

Properties that have gone under contract since my last entry:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080108180412630557000000&s=6&id=1">Click

and all properties that are new on the market:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080108180742154601000000&s=6&id=1">Click

59!!!! new listings! Finally we have some inventory! :)

To us all a great 2008 and thanks for reading my blog!

The year is coming to an end

I hope you all had happy Holidays with your loved ones around!
As difficult as it is to get into the Christmas spirit when the sun is shining and people are laying by the Pool, as beautiful is the wintertime in the Florida Keys.
Before I lived in the Keys I resided on Anna Maria Island which is close to Sarasota but even there it would get a little chilly in the wintertime.

I'll keep this short as I am heading to my office.

These are all new listings since my last post:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071227170101114371000000&s=6&id=1">Click

These are all properties that have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071227170315403041000000&s=6&id=1">Click

and these properties closed:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071227170429032773000000&s=6&id=1">Click

I wish you all a great end of the year!

Nine under contract within the first month!

A little while ago I told you about 'Fractionals' in particular about Fishermans Cove (To jump to that entry: http://veepka.blogspot.com/2007/10/what-is-fractional-ownership.html )

I just received the information that nine units are under contract. The first eight units were sold for 299K; the price is now 329K and will be raised again when the next eight units are sold.

I am not surprised that the sales at Fishermans are going well; the concept truly makes sense and the units would appeal to the most discriminating buyer. For those of you who know me: you are well aware that I am familiar with every condo development in the upper Keys and in my opinion Fishermans Cove units surpass every other condo. At 2400 SF the units are larger than any other condo and the 10ft high ceilings add to a 'home feeling' ;the views from every unit can only be described as breathtaking.

Check out the interior:

As an owner you are entitled to services that again succeed any other condo complex:

Upon arrival you can call in the groceries you would like to have stocked, you have the use of a 26ft boat with no additional cost, 'room' service is available as well as poolside service and much more!

I cannot think of a better proof that this is a good value than nine of the units already being under contract!

If you would like more info on Fishermans Cove or a tour of the property, please contact me. You will be impressed!

Canalfront homes starting at 559K!

Needless to say that waterfront homes are the best investment on an island; after all that is the main attarction: The water and the accessebility!
Two/three years ago it was hard to find a canalfront home below one million in the upper Keys. With the inventory being currently so flooded there are now some good deals out there.
Check out these canalfront homes below 80oK:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071205211619726797000000&s=6&id=1">Click

If you are somewhat familiar with the Keys you know that one of the greatest challenges is to obtain a building permit. Therefor vacant land WITH a permit comes at prime prices and is hard to find. Construction cost in the Keys for a Concrete Block house is between 250 and 400 Dollars.
That means that a 1400 Square Foot home costs between 350K and 560K. Many people opt to purchase a 'tear down' property because they can replace the house (Ergo it is sort of like buying a piece of land with a permit). When you consider these facts, it becomes clear that a canalfront home below 800K ready to occupie is a rather good buy! Please call me if you'd like any more info on any of these homes!

And here the usual updates:
These are all properties that have come on the market since my last post:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071205213014802997000000&s=6&id=1">Click

these are all properties that have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071205213225039608000000&s=6&id=1">Click

and these properties sold:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071205213352468627000000&s=6&id=1">Click

Yes, there is more activity in the past 10 days!
Thanks for reading my blog!

How was the turkey?

Hello everybody,
I hope you all had a great Thanksgiving with family and friends! I brined the turkey for the first time this year and I think it was worth the effort.
Now it's back to work for all of us; so here I am writing my blog:
How about a condo for Christmas? Avoid the crowds and give me a call! :)

These are all new listings since my last post:
http://www.flexmls.com/cgi-bin/view.cgi?20071126170722185904000000&s=6&id=1

all listings that have gone under contract:
http://www.flexmls.com/cgi-bin/view.cgi?20071126170918492126000000&s=6&id=1

and all properties that sold:
http://www.flexmls.com/cgi-bin/view.cgi?20071126171038838653000000&s=6&id=1

Please let me know if you or anybody you know is looking for Real Estate or if you have any questions!

The bottom of the market

"I am waiting for the market to hit bottom!" That's what I hear lately from a lot of my buyers. When is the bottom of the market here? Nobody will know until AFTER the turn. Bottom will be there for a short moment; after all it's a full circle and once it hits bottom it will be on the upswing. Is the bottom here now? I don't know myself to be honest and neither does anybody else. I do know this: The Keys are a unique market with a very limited supply of Real Estate and actual sales prices have not made the same drop as Real Estate in most other areas. There are not a lot of distress sellers in the Keys. Period!What has dropped are the asking prices! Asking prices are no longer 'any number in the sky' but a number based on previous sales and not on inflated prices on houses on the market that are not selling. I have buyers calling me telling me how amazed they are by how much prices have dropped because a house that was for sale for 2,5 Million a year ago, is now on the market for 1,7 Million. That is not a price drop; that is a seller who woke up; realizing that his property never was worth 2,5 Million even at the height of the market!Yes, it is true that actual sales prices have dropped somewhat but not drastically. What is definitely true is that properties have not appreciated over the past couple of years in the Keys. We were used to prices going up between 10-30% annually.No matter where you look mediawise: Real Estate is not doing too well! It is a buyers market (More sellers than buyers make a buyers market) . Buyers feel that they should be able to get one heck of a deal now and that is true in most markets in the US. Not so much here: I have written many very low offers in the past year only to find out again and again that sellers are not willing to sell their property for much less than the last likewise property has sold for.I met a good friend of mine yesterday evening, an appraiser in the Keys for the past 22 years, and I asked him if he thought that we are at the bottom of the market and he immediately answered "Yes, I think so". Maybe he is not right; we won't know until the turn has been made.My point is that this is indeed a great time to buy and sooner or later the bottom was/is here and will be... gone ....The market was somewhat similar to what it is now when I started working in the Keys and I saw just how quickly the market can change once it is on the upswing. I cannot tell you how many times I heard "I should have bought a couple of years ago" .... don't let that be you in a couple of years!

These are the new listings that have come on the market since my last blog:Click'>Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071114001925545537000000&s=6&id=1">Click

These properties have gone under contract:
Click'>Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071114002051102588000000&s=6&id=1">Click

and these listings were sold:
Click'>Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071114002157139640000000&s=6&id=1">Click

I hope you all are well and thanks for reading my blog!

Perfect weather in the Keys!

This is what I call 'good mood weather'. The sun is shining; it is not too hot and not cold at all! It's snowing in Buffalo! I'll be going on a bike ride in a bit!

I walked the site of Fishermans Cove the other day and I was more than impressed! The units are beautiful with high ceilings and breathtaking views! The Pool area with the Cabanas mirrors a Luxury resort; If you are down here; give me a call and I will walk the property with you and show you the units!
I sincerely think that this a great concept to own a vacation property with unlimited use. (Call me for detail!)

Now, if you are looking for a house; there are some deals right now! Please call or e-mail me and I will e-mail you some good deals!

These are the new listings since my last blog:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071109171433707895000000&s=6&id=1">Click

These listings have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071109171620637547000000&s=6&id=1">Click

and these properties were sold:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071109171817577434000000&s=6&id=1">Click
If you are not down here; hurry and come on down! Good mood awaits you!

What is a fractional Ownership

It's a popular new concept and something different than a condotel (see my last post). Fractional ownership is just what it says: You own a Fraction of a whole! There is a new development in Key Largo (Fishermans Cove), anticipated to be completed December '07 : There are 6 residences and each residence is sold by 1/8th. The first six buyers will be able to purchase such fractional ownership for 295K (After that prices will be between 350K to 450K) with a refundable reservation fee of 5K!Here some general info: 6 well appointed residences • Fee-Simple deeded real estate • 1/8ownership3 BR/3BA fully furnished • 2300 sq ft. living space • 450 sq ft.private balcony Waterfront luxury residences, overlooking a tropical lagoon pool,and the pristine Gulf of MexicoWith NO maintenance or hassles…all at a fraction of the cost ofwhole ownership!Amenities & hospitality services you would expect from a 5-starresort Roof top owners’ retreat plunge pool The Big Chill Restaurant and Bar (with room service)Usage of 2008 fully maintained Club Boats & Dockage (Provisioned, fuel; stocked with bait, food, beverages, deliveredto your dock)Private cabanas with flat screens & butler service Membership to The Marina Club adjacent to propertyConcierge ServicesPre-arrival grocery shoppingPersonalized storage lockersHD TV/DVD in LR & all bedrooms with DVD library Fitness Center, Spa treatment room & servicesDaily HousekeepingAll utilities included: (cable, phones, Wi-Fi, electrical, gas, water & sewer, PLUS allreal estate taxes & insurance)A truly carefree vacation ownership with NO hassles ormaintenance! HOA monthly dues $824.00!No lodging or initiation fees!
Not too bad for 295K!
There is no restriction in the amount of time you can use the property; there are rules to reservation procedures etc. that ensure fair use for all owners.
If this sounds interesting to you or if you know of anybody who would like some further info; please give me a call: 305-393-0923! Makes sense to me!

Here are the new properties that have come on the market since my last blog:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071018180247228916000000&s=6&id=1">Click

Properties that have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071018180422177471000000&s=6&id=1">Click
Price changes since my last post:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071018180540855194000000&s=6&id=1">Click

What do I buy at Cheeca?

Several people have asked me what one actually purchases at Cheeca: You purchase a condo; fee simple! The units for sale at Cheeca are not timeshares; you have a deed to your property.
This is how it works: When you purchase a unit at Cheeca you agree to let Cheeca continue to rent the property. Cheeca receives 55% of the rental income; you 45% (10% of the 55% are actually credit card and travel agency fees). You have the right to use the property 28 days out of the year. These days can be consecutive days or split up however it suits you. If you decide to occupy the unit for more than 28 days, you may do so and pay the 55% rental fee to Cheeca.Because Cheecas occupancy rate is 80% and and it is a luxury hotel with all the ammenities (Visit www.Cheeca.com) Cheecas generates a higher rental income than most other rental properties. Condotels are a relatively newer product in the Real Estate Market place and definitely something to consider!
These properties have come on the market since my last post:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071015164452243085000000&s=6&id=1">Click
these properties have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071015164742197811000000&s=6&id=1">Click

Please contact me if you would like additional information.

I am waiting to see what the RE market will do.

Again and again I hear these words from potential buyers and with the news we hear day in day out in the media regarding the Real Estate market; I can't blame them!

This is the 'problem': we do not have a lot of sellers in distress in the Keys ergo sellers are not willing 'to give their property away'. They rather hold onto their property until the market comes back and it will; That is the nature of the Real Estate market in the long run. Most properties down here are second homes and let's be honest; most people who own a vacation home in the Keys are not starving. Once in a while -seldom- we do have a sale that was one heck of a deal for the buyer. Most of the time in those few cases, the owner had purchased the property many years ago for a now unbelievable price and is still walking away with a considerable amount of cash in their pocket. Prices have dropped in the Keys, most definitely, but they have not plummeted! Asking prices have finally adjusted themselves to market value and are no longer 'pick a number, the sky is the limit'.

Here are the distress sellers: The buyers who purchased in the last two years anticipating to flip the property, thinking that they were not going to own the property longer than a couple of years. They entered into interest only mortgages; That interest only time period is up, the houses have not sold because values have not gone up over the time of their ownership and they are now drowning in higher mortgage payments for properties they did not anticipate to own so long. A 'short sale' is an option in that case. It means that the bank is willing to satisfie the mortgage with a lesser amount. But even when you look at the short sales available for sale: they are no steals; they are a good value many times, sometimes they are not even that if the owner paid way too much for the property a couple of years ago. Back then some buyers were willing to pay 'anything' just to get their foot in the booming Real Estate market. Hey, even developers did that and you'd think that they'd be more cautious with huge numbers!

This is a great time for buyers with the inventory being so flooded! You are much more likely to negotiate a good price for a property letting owners know that you are shopping the lowest price and ready to buy now. What matters in the end is not the asking price of a property but what you are actually paying! As the buyer you are currently in the drivers seat; Nobody knows how much longer that is going to last but I am pretty sure that once the Real Estate market takes a turn, we are going to see yet again what we saw over the past ten years; a great increase in property values and many buyers who wish they had bought now. The Keys are unique and different than any market in the US. An Island with a Coral Reef and great weather all year long; that's never going to get old and everybody here knows that. Don't wait for the prices to drop (That is probably not going to happen much more down here), put yourself in the great position of being a buyer in this market and negotiate a great price! Sellers are much more 'reasonable' when there is a real buyer with real money ready to make a deal now!

Here are the new properties that have come on the market since my last post: Click'>Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071010163930963520000000&s=6&id=1">Click
these properties have sold: Click'>Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071010164152596251000000&s=6&id=1">Click
and these properties went under contract: Click'>Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071010164250096645000000&s=6&id=1">Click
Thanks for reading my blog!

Old friends

I apologize for not having written in a little while. My old high school friend, Babette, came and visited me for three weeks (Every time she visits she extends her stay). It is seldom that you find friends whom you can stand to have visit you for three weeks; I consider myself extremely lucky to have such a friend (Don't tell her; she'll get a bigh head!). She is getting her last bit of fun before returning to rainy cold Germany tomorrow and I am taking that bit of time to let you know what has happened in the Real Estate market: These are all properties that sold since my last blog:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071003171950427658000000&s=6&id=1">Click
all properties that went under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20071003172158473511000000&s=6&id=1">Click

I hope you all are well and I'll write more frequently now! Promise!

Back to school

I think everywhere kids are back to school and things are back to 'normal'. We are having a rainy day but that's the thing when you live in the FL Keys: Rain is a welcome change once in a while (NOT a huricane, just rain!).
I have started to write a Blog in German; it's going great; I am getting quite a bit of response from it; maybe blogging is really popular in Germany. This is my German Blog, if you can read it: http://immofl.blog.de/

Here are the new listings since my last post:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20070907144154619422000000&s=6&id=1">Click

This is what has sold:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20070907144851763434000000&s=6&id=1">Click

and these properties have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20070907145553443665000000&s=6&id=1">Click

Thanks for reading my blog and have a great weekend!