Tuesday, January 22, 2008

Harbor House Condos Largely Unsold

With a straight face, I've heard it said that the Harbor House condos are selling "very well".

But according to the current MLS, 29 of the 32 Harbor House condominiums remain unsold.

Maybe their problem is the price: pre-construction prices range from $1,950,000 to $3,120,000 .

This equals over $1000 per square foot!

For that price, maybe it comes with a time machine that will get you back to the top of the real estate bubble where you can sell it for a profit.

Currently, condos in Key West are actually selling for much less - most below $500 per square foot, some as low as $250 per square foot. (Granted, these may not have quite the same level of "sumptuous bathrooms" - LOL!).

With the glut of unsold condos that have flooded the Key West market, one has to wonder how long before prices on these pricey condos return to earth?
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Anonymous said...

Part of the logic for selling them so high is that they include a transient license, so the buyer can rent them out like a hotel.

Eventually they'll sell, albeit probably to strong-Euro purchasers from abroad....

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