Thursday, October 22, 2009

Key West Condo Falls from $294,000 to $77,500 - Still Unsold!

The carnage continues in the Key West condo market.
Take the small condo in Key West that sold in September 2004 for $720 per square foot. Must be luxurious you say?
Located at 3312 Northside Drive, unit 301 is a studio - meaning no bedroom - and offers 408 square feet of living space. Here is a photo of the building:

Last sale was $294,000.
Today, this condo is offered for $77,500.
And with today's 5% mortgage rate, you could finance this entire purchase for $416 month.
But at $190 per square foot, is it worth it yet?
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fresno dan said...

Thats a nice RENTAL price - no way I would take on the vagaries of ownership of a condominium

Anonymous said...

Agreed. One can just imagine the monthly maintenance fees, especially if some units go into foreclosure and the rest have to cover the costs with assessments.

Anonymous said...

$416 is the Mortgage price but what about the HOA?

I'll bet with all the problems going on it's seriously underfunded. Which means you might be looking at another $300-$500 per month if not more when you add in reassessments.

Anonymous said...

fast getting to the point these shysters will have to give these condos away, and just jack up HOA fees to make up for the "owner" not having to carry a note on the place.

Robert said...

kepp going...DOWN
Still overpriced

Anonymous said...

This is a very well run condo with a hefty reserve account. The HOA fee did not increase this year for 2009-2010, but they are on the high side. You must rememeber this fee covers your WINDSTORM Insurance, amenity maintenance, etc. I think the studio unit fee is around $300 per month. This complex has had its share of short sales and REOs, but compared to other complexes around the island, they are on the low side.

Anonymous said...

Offer $15,000.

Anonymous said...

408 sq.ft.? That's a prison cell! Image trying to get laid bringing back a girl to that place.

It's not worth $0 because the place isn't worth the taxes and condo fees you'd have to pay.

If you have $78k to blow, buy yourself a nice house boat. It'll be just as big, a lot more fun, and more likely to get you some.

Anonymous said...

ohhhhzzz thats prettay i want to do it in that bed

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