Wednesday, October 14, 2009

"Luxury" Key West Condo Drops $716,000

At the peak of the real estate bubble in Key West, properties sold for over $1000 per square foot. It was astounding.

During that time, the Santa Maria Motel turned into the Santa Maria Resort - offering 35 "luxury" condominiums.

Unit 20 was one unit. It boasted 907 square feet, 2 bedrooms, and 2 bathrooms.  Pictured is the living room.  Looks luxurious - right? 

According to online records of the Monroe County Property Appraiser, on February 23, 2007 the property sold for $1,195,000.

Today that same unit is being offered, as a short sale, for $479,000, a drop of $716,000 from the previous sale.

For those who miss this one, they probably need not worry.  The Monroe County Property Appraiser's online records show 13 of the 35 residential units are owned by Santa Maria Inc c/o Meisel Capital Partners.
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Kevin said...

Amazing, isn't it? I would be curious to know how much these units bottom out at. Keep monitoring this one. Thanks.

Anonymous said...

Yes! Please follow up on this condo in one month. I wouldn't be surprised if it has dropped significantly.

Anonymous said...

This is a really tiny place; not sure what the HOA is but it seems crazy to pay even 400k for such a place - cheaper to rent

Anonymous said...

Let us know when it gets down to $120,000 with a $200/month association fee...and all the owners are paying their fees.

Anonymous said...

At $479,000 it's still way overpriced. When it gets to $200 per sq. foot, give me a call !

Anonymous said...

When it gets to $200 per sq. ft., give me a call !

Anonymous said...

This place sucks, I can get the same unit for $99k! :)