Key West Condo Prices Tumbling

Now that we are done fighting over the old Jabours Trailor Court property and the developer's plans to build luxury condos there, lets take a look at how sales are going and the Key West condo market in general.

The current Key West Multiple Listing Service shows 21 of the 32 Harbor House units for sale. There may be more, but that is all that is in the MLS. The developer, Keys Caribbean, has been trying to sell these very expensive condo units for the past couple years - so selling only one-third is a clear indication that it is not an easy sell.

Why haven't they been selling?

Maybe it is the outrageous price they are asking - at least $1000 per square foot - meanwhile condo prices in Key West are being slashed and most are now selling for less than $500 per square foot. Condos were the most over-priced, over-speculated, and over-built part of the Key West housing bubble. Now that the bubble has burst, prices are dropping quick.

Here is look at the current Key West condo market.

Key West condos sold over the past 2 months (There have not been many sales of condos lately, but here are the few that have occurred recently):

• 11 Whistling Duck Ln, Selling Price = $394,000, price per square foot=$372
• 1075 Duval St 2R, Selling Price = $670,000, price per square foot=$547
• 208 Southard St, Selling Price = $540,000, price per square foot=$794
• 146 Golf Club Dr, Selling Price = $392,000, price per square foot=$486
• 3930 Roosevelt Blvd E-408, Selling Price = $390,000, price per square foot=$319
• 3314 Northside Dr 74, Selling Price = $250,000, price per square foot=$238
• 1025 Whitehead St A, Selling Price = $360,000, price per square foot=$453
• 1207 William St 5, Selling Price = $250,000, price per square foot=$498
• 816 South St 2, Selling Price = $325,000, price per square foot=$508
• 220 Golf Club Dr, Selling Price = $506,000, price per square foot=$452
• 1012 Packer St, Selling Price = $475,000, price per square foot=$618
• 3301 Duck Ave B, Selling Price = $412,500, price per square foot=$180
• 3312 Northside Dr 314, Selling Price = $278,000, price per square foot=$527

Condos on the market (there are over 400 listed, here are a few of the lower priced units):

• 1830 Fogarty Ave, Price: $199,000, Price per sq. ft: $484
• 409 Margaret St, Price: $259,000, Price per sq. ft: $621
• 1830 Fogarty Ave, Price: $279,000, Price per sq. ft: $494
• 1016 Howe St, Price: $290,000, Price per sq. ft: $2,014
• 815 Pearl St, Price: $298,000, Price per sq. ft: $662
• 818 Whitehead St, Price: $309,750, Price per sq. ft: $798
• 1221 3rd St, Price: $314,500, Price per sq. ft: $419
• 1009 Packer St, Price: $315,000, Price per sq. ft: $630
• 614 Whitehead St, Price: $325,000, Price per sq. ft: $876

Some of the most overpriced condos on the market:
Harbor House:

• 223 Elizabeth St,Unit# WU102, Price: $2,750,000, Price per sq. ft: $1,297
• 223 Elizabeth St,Unit# W 105, Price: $2,395,000, Price per sq. ft: $1,167
• 223 Elizabeth St,Unit# L 102, Price: $2,495,000, Price per sq. ft: $1,150

Sea Isle Town Homes:

• 909 Windsor Ln, Price: $1,900,000, Price per sq. ft: $1,086
• 909 Windsor Ln, Price: $1,900,000, Price per sq. ft: $1,086
• 909 Windsor Ln, Price: $1,900,000, Price per sq. ft: $1,086

Santa Maria Resort Condominium:

• 1401 Simonton St Unit# 7, Price: $1,369,000, Price per sq. ft: $1,449
• 1401 Simonton St Unit# 16, Price: $1,500,000, Price per sq. ft: $1,587
• 1401 Simonton St Unit# 28, Price: $1,275,000, Price per sq. ft: $1,406

The condo market is flooded with properties for sale - over 400 are listed in the MLS and many more exist that are being sold by owners or developers and are not included in these numbers.
Sellers should adjust their prices to the current market if they hope to sell anytime soon. And buyers contemplating purchasing a Key West condominium should be warned that a wave of foreclosures are likely to hit the market as people dump their properties with negative equity. My guess is there is going to be a fire sale for condos for at least the next two years.

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