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.
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
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!
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
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
November Sales Activity Summary
Upper Keys
Sold
Pending
New on market
Price reductions
Middle and Lower Keys:
Sold
Pending
New on market
Price reductions
If you are interested in any of these or other properties please contact me at:
Wiebkewestedt@aol.com or 305-393-0923
Sold
Pending
New on market
Price reductions
Middle and Lower Keys:
Sold
Pending
New on market
Price reductions
If you are interested in any of these or other properties please contact me at:
Wiebkewestedt@aol.com or 305-393-0923
Happy Thanksgiving!
to everybody!
Even though I did not grow up with Thanksgiving (We have the Erntedankfest in Germany, which is the same idea as Thanksgiving but executed in a much less fun and enjoyable way.) it is my favorite Holiday. No gifts, no stress ... just family and/or friends around a table with good food!
I hope you will have a pleasant day and plenty of reason to be thankful.
Even though I did not grow up with Thanksgiving (We have the Erntedankfest in Germany, which is the same idea as Thanksgiving but executed in a much less fun and enjoyable way.) it is my favorite Holiday. No gifts, no stress ... just family and/or friends around a table with good food!
I hope you will have a pleasant day and plenty of reason to be thankful.
Bank owned properties
We have a new feature in the MLS that lets us search for bank owned properties.
I searched for all Bank owned properties which are not under contract yet and here they are: Bank owned/Foreclosed
These are houses that are in pre foreclosure: Click here
There are not a lot of them; I will keep you updated as they come on the market.
If you would like any more info on any of these properties please contact me at 305-393-0923 or Wiebkewestedt@aol.com
I searched for all Bank owned properties which are not under contract yet and here they are: Bank owned/Foreclosed
These are houses that are in pre foreclosure: Click here
There are not a lot of them; I will keep you updated as they come on the market.
If you would like any more info on any of these properties please contact me at 305-393-0923 or Wiebkewestedt@aol.com
599K in Buttonwood Bay!
This unit in Buttonwood Bay was just reduced to 599K! Buttonwood Bay is known as the boaters paradise! Eeach units comes with a deeded boat slip! There is on site bait and tackle shop and fuel dock, three swimming pools, five tennis courts, a clubhouse, a fitness studio, a game room, on site management, beach, swimming platform, 'Martini' Decks, on site boat trailer storage, kayak launching areas - Ammenities galore!
Find more info here
Please call me: 305-393-0923 or e-mail me at Wiebkewestedt@aol.com with questions or if you'd like to view the unit.
Fantastic Deal! 199K for a 2 bedroom condo in an Ocean front complex! Under Contract!
This is not a short sale nor a foreclosure;the seller is just ready to sell now!
Plantation by the sea is located next to Ocean Harbor (The most prestigious condo complex in Islamorada) on 'Millionaires row' (the old road). Founders Park is almost directly across the street; there is a pool that overlooks the ocean and there is a great fishing pier.
Find more info here: Please click here
Best deals after they had price reductions
Sometimes the best deals are not brand new on the market but a listing that has been on the market for some time and the price has been reduced. Those listings get sometimes overlooked; most realtors check daily what is new on the market but not so often which properties have been reduced in asking price.
These properties have been reduced in price over the past two weeks and are now good deals: Please click here
Please contact me if you would like any more information on any of these properties or if you are looking to buy or sell any Real Estate in the Keys.
305-393-0923 Wiebkewestedt@aol.com
These properties have been reduced in price over the past two weeks and are now good deals: Please click here
Please contact me if you would like any more information on any of these properties or if you are looking to buy or sell any Real Estate in the Keys.
305-393-0923 Wiebkewestedt@aol.com
Best deals currently on the market
Here are what are the best deals (In my opinion) currently on the market.
FYI I include listings from the entire MLS in these deals and not just my listings.
These are the best condo deals under 400K:
Click here
Best condo deals over 400K:
Click here
These are the best deals in condos with a view:
Click here
Best condo deal with dockage:
(This includes first come, first serve dockage):
Click here
Best deals with a view and dockage:
Click here
Best canal front home deals:
Click here
Best open waterfront homes:
Click here
There are other potential good deals that I have not included here because the listing price is not a great deal but the sellers are very motivated.
If you are interested in any of these properties please contact me at 305-393-0923 or Wiebkewestedt@aol.com
FYI I include listings from the entire MLS in these deals and not just my listings.
These are the best condo deals under 400K:
Click here
Best condo deals over 400K:
Click here
These are the best deals in condos with a view:
Click here
Best condo deal with dockage:
(This includes first come, first serve dockage):
Click here
Best deals with a view and dockage:
Click here
Best canal front home deals:
Click here
Best open waterfront homes:
Click here
There are other potential good deals that I have not included here because the listing price is not a great deal but the sellers are very motivated.
If you are interested in any of these properties please contact me at 305-393-0923 or Wiebkewestedt@aol.com
New listing in Venetian Shores
If you have a large boat or a sailboat and need a deep water canal; Venetian Shores is the neighborhood for you! Venetian Shores is located at MM86 on Tavernier Creek = excellent quick ocean access!
Find out more about this 5 bedroom, 3 baths house here.
New foreclosure on the market! This will not last! 429,300 - under contract
This is the view from the unit! This is truly an unbelievable price for this unit!
Mariners Club has the largest lagoon/infinity pool in South Florida. There is also another pool, fitness center, on site rental office and on site restaurant.
You can find more pictures and info here.
In order to purchase in Mariners Club one must pay a 45K equity membership fee. When the unit is sold; the 45K are reimbursed. Total monthly fees (including Condo and Club Fees) are $1,260 per month. This unit is on the top floor = great views!
These are likewise units currently on the market in Mariners Club:Click here
These are likewise units that sold so far in 2008: Click here
Mariners Club permits daily rentals!
If you are interested in this property please contact me at 305-393-0923 or Wiebkewestedt@aol.com
Monthly summary
New thing!
I will do an end of the month summary with all activity in that month.
Upper Keys
Solds
New listings
Under contract
Price reductions
Middle and Lower Keys:
Sold
New listings
Pendings
Price redcutions
Any questions? Please call me at 305-393-0923 or e-mail me: Wiebkewestedt@aol.com
I will do an end of the month summary with all activity in that month.
Upper Keys
Solds
New listings
Under contract
Price reductions
Middle and Lower Keys:
Sold
New listings
Pendings
Price redcutions
Any questions? Please call me at 305-393-0923 or e-mail me: Wiebkewestedt@aol.com
Sunset Hammock 1640 Square Feet for 325K! Under contract!
This is a beautiful updated unit in Sunset Hammock. Sunset Hammock is is a smaller complex with a serene lagoon in the center of the property and a great Marina. Boat slips are deeded, this particular unit does not have a boat slip but you can rent a slip from another owner. The units are townhomes with 1640 Square feet living space plus a screened patio. This unit looks over the lagoon. Each unit in Sunset Hammock has 3 balconies! This is a great deal in a very desired, beautifully landscaped complex. More info here
CBS home on double lot on a lagoon out to the Ocean with protected dockage for 799K - Under contract!
The property needs work but it's a CBS structure on a double lot. The lot is on a lagoon that feeds from the Atlantic. The house is situated directly across the opening/pathway to the ocean and therefore has an ocean view; ergo you have very protected dockage and an ocean view. The property is located less than a mile from Tavernier Creek; so you have quick bay access as well!
The owners bought the house in 2006 for 1,5 Million. This is an approved short sale which means that there is no wait to close. This is best waterfront value in the upper Keys! Please call me with any questions: 305-393-0923
Two great price reductions
Sometimes the greatest deals pop up when there is a price reduction. That is the case with two properties that had drastic price reductions yesterday.
There was a price a reduction to 649K in the Sanctuary and the sellers are motivated.
The Sanctuary is a secret to many in Key Largo. It is tugged away by the bay at MM100, it is the lowest density complex in the Keys: 34 units on 26 Acres! You can find out more info about the unit here
The pictures are bad! I wish I had some pictures to share with you; next time I'll take my camera when I show the Sanctuary. Nevertheless this 649K is a great price for a townhouse: 1700 Square feet, boat dockage and an open bay view. If you are looking in the Keys and like privacy and nature; this is it!
The other price reduction was on this house on Fontaine. This is a short sale but it has been approved by the bank and is ready to close! The previous asking price was 900K; the asking price now is 825K.
This is a CBS house, three bedrooms, on a double size lot. The best of both worlds: Great fishing because it's a straight shot out to the ocean, open water view yet very protective dockage. If you are looking for a waterfront house under 1 Million; this should be the one!
More info
What you cen get for less than 250K in the upper Keys
Two years ago I would have had to say: Nothing! But that is not the case now. There are actually some dry lot homes for sale in the 100 to 250K range:
Cick here to see a list of them
and if you prefer a condo:
Please click here to see a list of condos under 250K
These low priced properties are popular right now; see here which ones are currently under contract
Please let me know if you'd like further info or are looking to buy or sell Real Estate in the Keys
Cick here to see a list of them
and if you prefer a condo:
Please click here to see a list of condos under 250K
These low priced properties are popular right now; see here which ones are currently under contract
Please let me know if you'd like further info or are looking to buy or sell Real Estate in the Keys
Best deals in every category
These are the best deals if you are looking for a condo that allows weekly rentals:
Click here
These are the best deals in condos under 500k:
Click here
Best deals in condos from 500 to 800K:
Click here
Best canal front home deals:
Click here
Best open water front deals:
Click here
Click here
These are the best deals in condos under 500k:
Click here
Best deals in condos from 500 to 800K:
Click here
Best canal front home deals:
Click here
Best open water front deals:
Click here
These deals are already gone
This is an update to let you know that good deals go quickly. Goes to show that everything will sell for the right price even in a challenging Real Estate market.
I told you about these deals in my blog in the past two weeks and they are already under contract: Click here to see the two listings
If you are checking this blog to see the daily activity you will not always see eveything that went under contract in the past few days because many agents wait to change the status to pending in their listing until all contingencies have been removed and the sale is certain to go through.
I had a customer yesterday who wanted to make an offer on one of these properties but both of them are already under contract:
Click here to see them
There was already another offer on this property but it was too low and the bank did not take it; nevertheless there was an offer for over 700K on this property:
Tomorrow I will tell you about deals are still available.
Thanks for reading my blog!
I told you about these deals in my blog in the past two weeks and they are already under contract: Click here to see the two listings
If you are checking this blog to see the daily activity you will not always see eveything that went under contract in the past few days because many agents wait to change the status to pending in their listing until all contingencies have been removed and the sale is certain to go through.
I had a customer yesterday who wanted to make an offer on one of these properties but both of them are already under contract:
Click here to see them
There was already another offer on this property but it was too low and the bank did not take it; nevertheless there was an offer for over 700K on this property:
Tomorrow I will tell you about deals are still available.
Thanks for reading my blog!
New listing in White Marlin Beach on Lower Matecumbe
Check out this beautiful new listing in White Marlin Beach: MM74,5 on the basyide:
This beautiful house is located in White Marlin Beach on a deep water canal! The home has been entirely redone in the last few years: New roof in 2005, all new vinyl siding and rails in 2007, new AC in 2004. Gourmet kitchen - perfect for entertaining! White Marlin Beach has a home owners park which features a white sandy beach. This is the ultimate Keys Vacation Home! Even some open bay views!
Please click here for more info.
I am back with Century21
Hi there everybody!
So this is the big news in my life today: I am back with Century21 Prestige Realty.
I was with Century21 for over ten years and decided to leave when Cheeca Lodge (a very high end resort in Islamorada) opened a full service Real Estate company and asked me to come aboard. I do not think that it was a wrong move to go to Cheeca Realty, I had a great dedicated broker and a beautiful office, but it was tough to start a new Real Estate company in the challenging Real Estate market we have been in over the past couple of years. I hung in there for as long as I could and as Cheeca Lodge is going through changes I felt that I needed to return to my old company Century 21 in order to serve my customers in the best way possible. I did not leave Century21 because I was unhappy with the company; I left for a new challenging opportunity. I did not fail and neither did my broker: the Real Estate market failed us as it did just about every new smaller Real Estate company.
I am returning to Century21 because it is a company with staying power in this depressed market and it provides me with the best tools and presence lead by a broker of the highest integrity who happily welcomed me back into my ‘home’ in the Real Estate in the Keys without once saying “I told you so!”
Century 21 Prestige Realty has been around for a very long time in the Keys and I gladly return to a company with a broker to whom I credit a great part of my success in the Real Estate business.
I look forward to continue my Real Estate career in the Islamorada office with Century21 Prestige Realty!
So this is the big news in my life today: I am back with Century21 Prestige Realty.
I was with Century21 for over ten years and decided to leave when Cheeca Lodge (a very high end resort in Islamorada) opened a full service Real Estate company and asked me to come aboard. I do not think that it was a wrong move to go to Cheeca Realty, I had a great dedicated broker and a beautiful office, but it was tough to start a new Real Estate company in the challenging Real Estate market we have been in over the past couple of years. I hung in there for as long as I could and as Cheeca Lodge is going through changes I felt that I needed to return to my old company Century 21 in order to serve my customers in the best way possible. I did not leave Century21 because I was unhappy with the company; I left for a new challenging opportunity. I did not fail and neither did my broker: the Real Estate market failed us as it did just about every new smaller Real Estate company.
I am returning to Century21 because it is a company with staying power in this depressed market and it provides me with the best tools and presence lead by a broker of the highest integrity who happily welcomed me back into my ‘home’ in the Real Estate in the Keys without once saying “I told you so!”
Century 21 Prestige Realty has been around for a very long time in the Keys and I gladly return to a company with a broker to whom I credit a great part of my success in the Real Estate business.
I look forward to continue my Real Estate career in the Islamorada office with Century21 Prestige Realty!
What to buy in Islamorada for 450K
This is a fantasti deal on Upper Matecumbe Keys (The heart of Islamorada). Everything is in walking distance; there is a beach and AND dockage. The price has just been reduced to 450K! Take a look; this might just be THE one for you. Find more info about the property here:
Lowest priced Buttonwood Bay unit 649K - new on the market!
Lowest priced unit in Buttonwood Bay! Come enjoy the boaters paradise! Each unit has an assigned boat slip; there is on site bait and tackle shop and gas pumps, Trailer storage, 3 pools, five tennis courts, beach area, clubhouse, fitness Center .... Buttonwood Bay has it all!
See more info about the listing here
New foreclosure on the market! Canal front CBS home 425K!
Ok, the one for 499K is back under contract but here is a new one on the market that is a great deal! 2 bedrooms, 1 bath on the ocean side. Quick ocean access - perfect for the Sports fisherman! These go quickly! Please e-mail Wiebkewestedt@aol.com or call me at 305-393-0923 with questions. Thanks for reading my blog.
This just came back on the market Canal front 499K. This is already back under contract.
It's at MM99 on the Ocean side on a very protected canal with a straight shot to the Ocean! Great deal! When this came on the market last time, it was gone within 3 days.
Please call me if you have any questions: 305-393-0923
Foreclosure - Even better yet! 425K
For this one you don't have to wait! This is already bank owned. A 3 bedroom, 2 baths unit on the top floor in the building closest to the water. This is -without question- THE best location in Tamarind Bay!
This is a link to info and more pictures:
Click here
Please call me for more info or a showing: 305-393-0923
Fantastic deal! Short Sale in Tamarind Bay 350K
This is the view from the unit! This is the closest building on the north side of the property. Tamarind Bay features: 2 Pools, Dockage, 2 Tennis Court, Trailer storage, common BBQ area, extremely well kept grounds, very close to Adams Cut = Quick Ocean access!
Find more info here
This is a short sale and it in the very beginning of the Short Sale.If you are in a rush; this one is not for you, but if you have time and want a deal; here it is!
Please call me for more info: 305-393-0923
Deal just fell through!
Don't let this one pass you by!
This is a CBS house with open ocean views on a protected lagoon. Perfect for the avid boater! A straight shot out to the Ocean! This is a short sale that has been approved and is ready to close! If you are intersted in this house please e-mail me Wiebkewestedt@aol.com or call me at 305-393-0923 and I will send you more pictures and info.
Locations like this are very few in the Keys. Protected dockage on the Ocean is priceless!
Price reductions!
If you have been checking daily what new properties have come on the market you will have noticed that it's not a lot. Over the past week there has not been a day on which more than 4 new listings have come on the market! That's good! Our inventory is no longer increasing but decreasing!
Here is where you see the activity: Price reductions! That is where you find some great deals now! Sellers know that there is activity out there and you sure can tell which sellers mean business and which ones are out there 'fishing'.
I am going to post all price redcutions from now as well. Please let call or e-mail me with questions anytime!
Here is where you see the activity: Price reductions! That is where you find some great deals now! Sellers know that there is activity out there and you sure can tell which sellers mean business and which ones are out there 'fishing'.
I am going to post all price redcutions from now as well. Please let call or e-mail me with questions anytime!
Short Sale - Long wait!
Short Sales can be a good deal! No question about it! Beside wanting a great property that is what every buyer wants: a great deal! Therefor it is no surprise that many buyers go for a property that is a short sale. 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 (or already has) probably default on his mortgage payments if the property is not sold shortly.
There are two different scenarios: 1. The Bank agress on a price that they will take. 2. The lender agrees to possibly do a short sale and lists the property for a very marketable price that will attract buyers. It has to state in the Listing agreement that this is a short sale and is contingent on the Lenders approval if an offer is accepted.
So, you don't care of it takes some time ... you have time. So what if it takes a couple of months. But here is the problem: most of the time it takes much longer than a couple of months. I have had a short sale under contract now for 7!!! months!
I am lucky and have some very patient buyers but a lot of time buyers get fed up after three, four months; especially when there is no light at the end of the tunnel.
The process is even more frustrating for the seller, as the seller might have a good offer that the lender would probably take if somebody at the bank would simply look at the offer, do some research and get the ball rolling and stay on it until closing. You would not believe how many short sales are under contract! It is not seldom that the bank is finally ready to accept a deal ... but the buyer has grown impatient and gone on to another property. It is also not uncommon that a property is being offered as a short sale, a good offer -or even several good offers- are on the table, time passes and since the departments at the bank seem to do a rotten job of communicating amongst each other, the property goes into foreclosure simply because the time frame is up and after non payment of mortgage payments for so long, the property will be foreclosed on while there is a buyer ready to purchase the property.
It is very frustrating and you should be aware of that if you are looking at short sales.
I am not saying that you should not look at Short Sales or not make an offer but if you do: It is a process that takes a long time.
There are two different scenarios: 1. The Bank agress on a price that they will take. 2. The lender agrees to possibly do a short sale and lists the property for a very marketable price that will attract buyers. It has to state in the Listing agreement that this is a short sale and is contingent on the Lenders approval if an offer is accepted.
So, you don't care of it takes some time ... you have time. So what if it takes a couple of months. But here is the problem: most of the time it takes much longer than a couple of months. I have had a short sale under contract now for 7!!! months!
I am lucky and have some very patient buyers but a lot of time buyers get fed up after three, four months; especially when there is no light at the end of the tunnel.
The process is even more frustrating for the seller, as the seller might have a good offer that the lender would probably take if somebody at the bank would simply look at the offer, do some research and get the ball rolling and stay on it until closing. You would not believe how many short sales are under contract! It is not seldom that the bank is finally ready to accept a deal ... but the buyer has grown impatient and gone on to another property. It is also not uncommon that a property is being offered as a short sale, a good offer -or even several good offers- are on the table, time passes and since the departments at the bank seem to do a rotten job of communicating amongst each other, the property goes into foreclosure simply because the time frame is up and after non payment of mortgage payments for so long, the property will be foreclosed on while there is a buyer ready to purchase the property.
It is very frustrating and you should be aware of that if you are looking at short sales.
I am not saying that you should not look at Short Sales or not make an offer but if you do: It is a process that takes a long time.
My apologies!
to everybody who has attempted to vote for me on the Bloggers Choice Award Page!
I have received many e-mails from people who told me that they signed up on the Bloggers Choice award site and never received their log on info. Thank you so much for trying and I apologize to have added an icon to this blog that leads to sheer frustration by trying to help me out and vote. I will remove the icon (is that what you call it?) in a couple of days. Thank you all for trying!
I have received many e-mails from people who told me that they signed up on the Bloggers Choice award site and never received their log on info. Thank you so much for trying and I apologize to have added an icon to this blog that leads to sheer frustration by trying to help me out and vote. I will remove the icon (is that what you call it?) in a couple of days. Thank you all for trying!
Changes in my blog!
If you have read my blog before, you have noticed the changes I have made and I hope that you like them. I would appreciate any comments greatly!
If you are following the Real Estate market closely you might like the feature on the right hand side that says "New Listings". I will post all new listings in the upper Keys over the past 24 hours daily. I am working on improving my blog and making it a useful tool to all buyers and sellers; please keep watching over the next few weeks what new features I am adding. If you have any suggestions please let me know.
If you want to search for Real Estate in general in the Keys, you can do that on my website: www.Veepka.com.
I have a favor to ask of you: If you are a reader of my blog and enjoy it, I would greatly appreciate it if you would vote for it as the best business blog; You can click on the bloggers choice award and it will take you to the site where you can vote for my blog. It is a bit (Really just a bit) of a pain in the butt because you will need to create an account in order to be permitted to vote (To avoid multiple votes by one user)but it is a very short process and I would be very grateful if you give me a couple minutes of your time to do so. I am hoping for exposure by getting votes resulting essentially in more business.
I thank you very much for reading my blog!
If you are following the Real Estate market closely you might like the feature on the right hand side that says "New Listings". I will post all new listings in the upper Keys over the past 24 hours daily. I am working on improving my blog and making it a useful tool to all buyers and sellers; please keep watching over the next few weeks what new features I am adding. If you have any suggestions please let me know.
If you want to search for Real Estate in general in the Keys, you can do that on my website: www.Veepka.com.
I have a favor to ask of you: If you are a reader of my blog and enjoy it, I would greatly appreciate it if you would vote for it as the best business blog; You can click on the bloggers choice award and it will take you to the site where you can vote for my blog. It is a bit (Really just a bit) of a pain in the butt because you will need to create an account in order to be permitted to vote (To avoid multiple votes by one user)but it is a very short process and I would be very grateful if you give me a couple minutes of your time to do so. I am hoping for exposure by getting votes resulting essentially in more business.
I thank you very much for reading my blog!
Current Bestseller!
The lowest priced canal front homes! If you are in the market for a canal front home, I advise you to start looking now and buying something a.s.a.p because canal front homes under 700K don't come on the market much and if they do, they fly off the shelf. (Especially under 600K!)
Take a look at these houses that are under contract and how many days they were on the market. When you look at the days on market, keep in mind that 'the days on market' keep counting while the house is under contract.
These are ALL canal front homes currently on the market from MM74 to MM110 (Islamorada to Key Largo) under 600K:
and here are homes that are listed from 600 to 700K (same criteria as above!)
Supply and Demand is what determines a buyers or a sellers market. No Doubt, It's a buyers market right now, but the inventory of low priced canal front homes continues to decrease and before you know; they will all be gone! (I am only referring to the Upper Keys with this comment!).
And here the update for my faithful readers:
These are all new listings that have come on the market since my last post.
All properties that have gone under contract since then.
and all properties that sold.
Thanks for reading my Blog!
Take a look at these houses that are under contract and how many days they were on the market. When you look at the days on market, keep in mind that 'the days on market' keep counting while the house is under contract.
These are ALL canal front homes currently on the market from MM74 to MM110 (Islamorada to Key Largo) under 600K:
and here are homes that are listed from 600 to 700K (same criteria as above!)
Supply and Demand is what determines a buyers or a sellers market. No Doubt, It's a buyers market right now, but the inventory of low priced canal front homes continues to decrease and before you know; they will all be gone! (I am only referring to the Upper Keys with this comment!).
And here the update for my faithful readers:
These are all new listings that have come on the market since my last post.
All properties that have gone under contract since then.
and all properties that sold.
Thanks for reading my Blog!
Back to business after this Hurricane Nonsense
We had a pleasant cozy day in the upper Keys yesterday. Regular TV programming was off because all local channels had to exaggerate updates on DEADLY storm Fay. Keys residence find it rather amusing and when you watch interviews of locals with 20+ year old reporters in raincoats you can see how ridiculous the locals find the questions, yet they are appearing to look serious when being asked "IF and when they will evacuate" and they respond that they won't. These might be their 'cut short' 15 minutes of fame so they'll make what they can out of it.
Sorry, I am just not a big fan on the sensationalism of the small local news stations with no focus on real news.
So, here you have it: All is well in the upper Keys! Now you don't have to watch any more updates!
This post is just for updates. These are the updates since my last post:
These are all new listings since 7/29/2008:
All properties that have gone under contract:
and all properties that sold
Thanks for reading my blog and please contact me with any questions: 305-393-0923
Sorry, I am just not a big fan on the sensationalism of the small local news stations with no focus on real news.
So, here you have it: All is well in the upper Keys! Now you don't have to watch any more updates!
This post is just for updates. These are the updates since my last post:
These are all new listings since 7/29/2008:
All properties that have gone under contract:
and all properties that sold
Thanks for reading my blog and please contact me with any questions: 305-393-0923
Some foreclosures that ARE good deals!
There are not many of them in the Keys; but a few and some are indeed very good deals! Such good deals that they go under contract within a week after they have been listed ,sometimes for more than the asking price! Investors know that this is a good time to buy IF you are getting the property for the right price. They familiarize themselves with the Real Estate market and are aware of what is a bargain price for a property.I know that every buyer likes to negotiate but be careful when you find a great deal because you are not the only buyer out there! You might hate the idea of paying full price for something but it does not take a rocket scientist to figure this out: You have two equal houses, same street,same house, same view. One is listed for 1 Million; the other is a foreclosure and listed for 599K.
A buyer negotiates the house for 1 Million down to 800K. Which house is the better deal? The one at full price for 599K or the one that you got for 200 less than asking price for 800K? Certainly I don't have to tell you the answer.
Keep this in mind if you are in the market and ready to buy a good deal: If the asking price is a steal; make a full price offer because you are not the only one who will make an offer. Getting a great deal with a foreclosure is more of a matter of having a good Realtor who stays on top off the market and will call you as soon as a steal has come on the market.
These are current foreclosures on the market:
Please call me if you'd like to see any of them
A buyer negotiates the house for 1 Million down to 800K. Which house is the better deal? The one at full price for 599K or the one that you got for 200 less than asking price for 800K? Certainly I don't have to tell you the answer.
Keep this in mind if you are in the market and ready to buy a good deal: If the asking price is a steal; make a full price offer because you are not the only one who will make an offer. Getting a great deal with a foreclosure is more of a matter of having a good Realtor who stays on top off the market and will call you as soon as a steal has come on the market.
These are current foreclosures on the market:
Please call me if you'd like to see any of them
Are you really getting the best deal?
As I watch what properties are going under contract or have sold I am sometimes flabbergasted why this property sold and not another very likewise one for considerably less money. Here is the most likely reason for that: The buyer had no idea that the other less priced property was on the market.
If you worked with a Realtor you probably assumed that the Realtor did her/his job and aided you in finding the best deal. That is unfortunately not always so. I won't bore you with agency relationships (They are what enables an agent to do the unethical thing of selling you something that might be overpriced and not tell you about other properties for sale by other agents).
When an agent gets a listing; the 'going rate' for commission is between 6 and 7% in Florida. (This is not a fixed commission!). The agent then lists the property in the MLS and agrees to pay (Generally half of the commission)to a cooperating agent who brings a seller. Needless to say that all agents prefer to sell their own listings: Making 6% instead of 3% and making their seller happy.
Let's say you call an agent on an ad they are running for a listing; that listing in particular does not suit you but the agent asks what it is that you are looking for and sends you some listings that you are interested in. You meet with the agent, look at some properties (Let's use condos in this case)and really like one complex. The agent happens to have 10 listings in that complex and shows you all ten listings. It is clear to see which of the ten listings is the best deal. You make an offer and the seller is quite negotiable in price. Wow! What a deal you got! Except the condo next door to the one you just bought for (let's say) 630K and is in the same condition as yours, is on the market for 499K.
Beware: Make sure that your agent is a transaction broker and not a single agent for the seller! Ask your agent to give you a print out of all listings listed in the MLS (Not just the agents listings)and demand to see all of them.
I just had an agent who is on site at a condo complex call me and ask me to give him a higher commission should he sell my listing in the complex where he works; if I did not agree to the higher commission he refused to show my listing. (It is the lowest priced nicest unit on the market and by far the best deal).
Something might look like a great deal but you better make sure that there isn't an even better deal out there!
Here is the usual update:
These are all new listings since my last post
Properties that have gone under contract
Sold properties
Thanks for reading my blog!
If you worked with a Realtor you probably assumed that the Realtor did her/his job and aided you in finding the best deal. That is unfortunately not always so. I won't bore you with agency relationships (They are what enables an agent to do the unethical thing of selling you something that might be overpriced and not tell you about other properties for sale by other agents).
When an agent gets a listing; the 'going rate' for commission is between 6 and 7% in Florida. (This is not a fixed commission!). The agent then lists the property in the MLS and agrees to pay (Generally half of the commission)to a cooperating agent who brings a seller. Needless to say that all agents prefer to sell their own listings: Making 6% instead of 3% and making their seller happy.
Let's say you call an agent on an ad they are running for a listing; that listing in particular does not suit you but the agent asks what it is that you are looking for and sends you some listings that you are interested in. You meet with the agent, look at some properties (Let's use condos in this case)and really like one complex. The agent happens to have 10 listings in that complex and shows you all ten listings. It is clear to see which of the ten listings is the best deal. You make an offer and the seller is quite negotiable in price. Wow! What a deal you got! Except the condo next door to the one you just bought for (let's say) 630K and is in the same condition as yours, is on the market for 499K.
Beware: Make sure that your agent is a transaction broker and not a single agent for the seller! Ask your agent to give you a print out of all listings listed in the MLS (Not just the agents listings)and demand to see all of them.
I just had an agent who is on site at a condo complex call me and ask me to give him a higher commission should he sell my listing in the complex where he works; if I did not agree to the higher commission he refused to show my listing. (It is the lowest priced nicest unit on the market and by far the best deal).
Something might look like a great deal but you better make sure that there isn't an even better deal out there!
Here is the usual update:
These are all new listings since my last post
Properties that have gone under contract
Sold properties
Thanks for reading my blog!
Deals!
Hi everybody,
I thought I'd write another post with some deals; after all that's what all are buyers are looking for. In case you don't read my blog regularly: be careful to only look at foreclosures and short sales; they are not always the best deal out there.
Read here why
These are some good deals currently on the market from MM74 to MM110:
Condominiums
Canal front homes
and open water front houses
Let me know if you are interested in any of these properties and thanks for reading my blog!
I thought I'd write another post with some deals; after all that's what all are buyers are looking for. In case you don't read my blog regularly: be careful to only look at foreclosures and short sales; they are not always the best deal out there.
Read here why
These are some good deals currently on the market from MM74 to MM110:
Condominiums
Canal front homes
and open water front houses
Let me know if you are interested in any of these properties and thanks for reading my blog!
I am working!
I mean really working! Not that I have not been working in the past couple of years but I have to admit that a great amount of my time was spent at my desk. That is the last place where a Realtor wants to spend time: If you are at your desk - you are not out selling Real Estate. The last couple of weeks felt like 'old times' - I was out every day showing property! I received two offers on listings of mine; I had to actually schedule showings around other showings.
Many sellers in the Keys are still not desperate and probably never will be ... but there are some that are ... and those properties are selling!
There are not many new listings coming on the market which means the inventory will slowly decrease as the great deals are selling. That's good news for the Real Estate market as inventory is in direct relation to market condition.
Here are all properties that have sold since my last post
and these are all properties that have gone under contract
and these are all new listings that have come on the market
Please contact me if you are looking for a great deal - they are out there and they are selling!
I showed a foreclosure this past weekend; it had just come on the market; by monday it was under contract!
Thanks for reading my blog!
Many sellers in the Keys are still not desperate and probably never will be ... but there are some that are ... and those properties are selling!
There are not many new listings coming on the market which means the inventory will slowly decrease as the great deals are selling. That's good news for the Real Estate market as inventory is in direct relation to market condition.
Here are all properties that have sold since my last post
and these are all properties that have gone under contract
and these are all new listings that have come on the market
Please contact me if you are looking for a great deal - they are out there and they are selling!
I showed a foreclosure this past weekend; it had just come on the market; by monday it was under contract!
Thanks for reading my blog!
My links are working now!
Hi there, everybody,
I apologize: The links in my last posts were not working. Why? I have no idea! I did everything as usual; there was an update on our MLS system and maybe that had something to do with it; I called Flex tech support and the tech supporter solved my problem. We will now find out if I paid attention and if it works:
This post will only updates:
Properties that sold in the past 45 days:
Properties that came on the market over the past 45 days:
Properties that went under contract:
Thanks for reading my blog and check back soon!
I apologize: The links in my last posts were not working. Why? I have no idea! I did everything as usual; there was an update on our MLS system and maybe that had something to do with it; I called Flex tech support and the tech supporter solved my problem. We will now find out if I paid attention and if it works:
This post will only updates:
Properties that sold in the past 45 days:
Properties that came on the market over the past 45 days:
Properties that went under contract:
Thanks for reading my blog and check back soon!
Graduation!
Ok, I admit my sons graduation has nothing to do with Real Estate. I don't care! I am going to tell you anyway because I am happy that my son graduated last Thursday and received a scholarship for an Associates Degree at FKCC. After that he'll flock the nest but not yet! And that's a good thing too! Holy cow! Those years went by quickly, I always thought they were exaggerating when they told me to treasure those years when your kids are young because they go by so quickly. Now I know what they meant and so does everybody else who has sat at their childs High school graduation!
Ok, now on to Real Estate! It's still busier than it has been in a while; I am expecting quite a few buyers from out of town in July.
I skipped the update in my last post; so here it:
These are all sold listings since my last update:
these properties have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080613143349070829000000&s=6&id=1" cgi-bin www.flexmls.com http:>
and these are all new properties on the market:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080613143739542892000000&s=6&id=1">
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080613143923710442000000&s=6&id=1" !x-usc:http: 00000000 mhtml:%7BF4BC9DAF-2B6C-4FCA-ACE4-E9A4E0360ACB%7Dmid:>
Bayfront unit in Tamarind Bay for 490K
Hello everybody,
I just had a price reduction on this beautiful condo in Tamarind Bay! It is now listed at 490K which is more than 60K less than the next lowest priced unit in Tamarind Bay.
To give you an idea for how much all other units are listed for in TB:
The entire unit has been redone! Tamarind Bay has 1400 SF of living space. There are boat slips and they are assigned for the length of the ownership of the unit. That means that if a unit with an assigend boat slip is sold; the boat slip revert back to the association and is then assigned to the next person on the waiting list. Right now there is no waiting list which means that you could have an assigned boat slip right away at no furthe
r cost or waiting time!
r cost or waiting time! There is no question that this is the listing with the most bang for its buck in Key Largo: Bayview, assigned boat slip, 1400SF; these units sold in the mid 800s three years ago!
This a better deal than most short sales and foreclosures! The owners bought a while back and are ready to walk away from this property!
This is your oppurtunity to get a great deal without the 'hassle' of a short sale or foreclosure. Not bank approval, no waiting!
Please call me for more info on this property or any other questions you might have regarding Real Estate. These are the last two units that sold in Tamarind Bay:
Thanks for reading my blog!
Finally another blog entry!
Hello everybody!
Wow, I just saw that it has been over a month since I wrote my last blog! I apologize!
Reason for checking my blog today was that I showed property and the buyer told me that she enjoys reading my blog! I am always happy when people mention that they read my blog - Thanks!
I do have an excuse though: a) I really have been busy. I had three closings in the past three weeks and have been out showing my listings and working with buyers. It seems that buyers are realizing that we are pretty close if not AT the bottom of the market and that they now still have a great inventory to pick from! Here is another thing to consider: Let's say we are not at the bottom of the market and prices will continue to drop another 5%. If you can buy something today for 5% less than the market value (and you will probably be able to do so because many buyers have been waiting to sell for so long that they are quiet willing to negotiate!); you are already buying at the bottom of the market price but have the pick of the litter!
These are three properties that I have sold:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080522211549798429000000&s=6&id=1">Click
and this one (It was not entered as sold in the MLS yet):
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080522211718747723000000&s=6&id=1">Click
It sold for $602,500
b) my computer crashed!
I am back now!
These are all new listings in the Upper Keys since my last blog:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080522212409325310000000&s=6&id=1">Click
These properties have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080522213005685885000000&s=6&id=1">Click
and these properties sold: (More properties than this sold; I will check with the board of Realtors tomorrow why not all sold listings appear in this search):
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080522213220311124000000&s=6&id=1">Click
I hope you are all doing well! Thanks for reading as always!
Wow, I just saw that it has been over a month since I wrote my last blog! I apologize!
Reason for checking my blog today was that I showed property and the buyer told me that she enjoys reading my blog! I am always happy when people mention that they read my blog - Thanks!
I do have an excuse though: a) I really have been busy. I had three closings in the past three weeks and have been out showing my listings and working with buyers. It seems that buyers are realizing that we are pretty close if not AT the bottom of the market and that they now still have a great inventory to pick from! Here is another thing to consider: Let's say we are not at the bottom of the market and prices will continue to drop another 5%. If you can buy something today for 5% less than the market value (and you will probably be able to do so because many buyers have been waiting to sell for so long that they are quiet willing to negotiate!); you are already buying at the bottom of the market price but have the pick of the litter!
These are three properties that I have sold:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080522211549798429000000&s=6&id=1">Click
and this one (It was not entered as sold in the MLS yet):
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080522211718747723000000&s=6&id=1">Click
It sold for $602,500
b) my computer crashed!
I am back now!
These are all new listings in the Upper Keys since my last blog:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080522212409325310000000&s=6&id=1">Click
These properties have gone under contract:
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080522213005685885000000&s=6&id=1">Click
and these properties sold: (More properties than this sold; I will check with the board of Realtors tomorrow why not all sold listings appear in this search):
Click'>http://www.flexmls.com/cgi-bin/view.cgi?20080522213220311124000000&s=6&id=1">Click
I hope you are all doing well! Thanks for reading as always!
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
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.
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!
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!
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!
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!
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.
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.
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