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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"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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