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Old 10-12-2017, 10:44 AM   #121
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Originally Posted by kennyboy View Post
First offer over $505k and it's gone. That's what I paid for it in 04 .Great rental though.
We are thinking of selling ours also - www.homeaway.com #322888
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Old 10-12-2017, 10:48 AM   #122
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We are thinking of selling ours also - www.homeaway.com #322888
very nice glws
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Old 10-12-2017, 12:21 PM   #123
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We are thinking of selling ours also - www.homeaway.com #322888
PM me a price chief
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Old 10-12-2017, 01:00 PM   #124
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We are thinking of selling ours also - www.homeaway.com #322888
Is your access to open water under small bridge to North of house? What kind of access do you have in and out of there?
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Old 10-12-2017, 01:42 PM   #125
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Is your access to open water under small bridge to North of house? What kind of access do you have in and out of there?
That's what I'm seeing too...
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Old 10-12-2017, 03:04 PM   #126
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That's what I'm seeing too...
24' with T-top will fit under the bridge. Canal is 16' deep

Last edited by petealan; 10-12-2017 at 03:29 PM.
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Old 10-12-2017, 04:37 PM   #127
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What's the asking price?
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Old 10-12-2017, 05:22 PM   #128
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There are a lot of ppl in the keys who will take this as a way to get out. Collect the insurance check and walk away. I believe there will be buying opportunities galore...

CMP
^I agree


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We were/still are in one of the hardest hit areas during Sandy (Mantoloking to Lavalette), immediate re-price of -30% on average. The stuff that got puked up cleared out pretty quickly, I'd say that happened within 8mos after everyone could get in and figure out what insurance was and wasn't covering. Cash was king...couldn't finance with "substantially damaged" letter on a place, and that took a year to sort out.

I'd say here we are 5yrs later and things in the barrier island stretch are anywhere from still -10% to +10% from pre-Sandy.
^Good info
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lower keys- get about $10 million in cash, set up trailer on side of road w. ,"buy your damaged house for cash today" and you would get it for about 25% of previous prices. but wait a few month til the ins. chex strt rollin in.
True but I'm not sure 25% off would be such a great deal.
1. The area has been devastated and it will takes years to get back to where it was.
2. It was hard enough to get contractors and a house built before the storm (it took years), now with some many homes needing construction I cant imagine how long the wait will be.
3. With all the sellers and houses that need to be rebuilt coming on the market at the same time, it will depress values even more.
4. As the poster above mentioned 5 years after Sandy and prices of hard hit areas still have not appreciated.
5. If you invest you money in the S&P 500 at 7% year it will increase by 41% increase after 5 years (magic of compounding).
6. The cost to repair most properties is likely a lot. I would think at least 25% of the value. So 25% off would get you back to the same house... but in a devastated area with depressed home values.

With the above in mind I would think that you would need 50% off previous prices and be willing to manage work/repairs for a couple years, and then plan on holding the property for at least 5 total years. Unless of course it is not about the investment and is just about the opportunity to live in the Keys. In which case 25-35% off -- but it wouldnt be a great investment, it would be more about getting a location you wanted that wasnt previously available. You wouldnt get your money back to todays prices for 5 years but that's really a loss considering the opportunity cost if the money had been invested elsewhere.

I feel badly for those affected, so I dont revel in discussing this... and its just my humble opinion.
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Old 10-12-2017, 07:19 PM   #129
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Well you know what opinions are like but I really disagree with all the folks saying how Keys R.E. will be in the tank. I've owned properties there since 2003 and wife was raised there since she was 12, 27 years ago. My wife stayed there threw Andrew and we both had properties there through Wilma and Katrina, and now Irma.

Of course as always with R.E. its location, location, location. There are areas of the keys way more desirable than others such as Key West, any deep water keys, Islamorada, Key Largo, etc. Middle keys that aren't close to anything may not be so desirable.

I passed through Summerland Key a few days ago (which took the eye of Irma) and it looked pretty much how it did after Wilma in 2005. All the well built houses did fine, bottom floors flooded out (they are built to allow flood water to pass through and worked as designed). Trees and bushes are trashed but lots of green coming back already. I passed some areas where there used to be trailer parks and its all cleared land now (actually looks better!) Key West is completely back to normal as is our key at MM8. Our home had no damage other than some roof tiles broken. Key Largo didn't look bad at all.

Where once there were mobile homes will now be modern stilt houses. Builders put these up quick - they build the concrete columns and bring in hurricane proof pre-built homes and bolt them to the stilts. It will make the keys look a whole lot better and more desirable. The builders will be snapping up any cheap lots faster than you can blink.

The keys will always be the keys. Like being in Caribbean waters while still in the U.S. and you can drive there! There may be a little lull in sales prices but when the Miami builders start snapping up the lots watch what happens. This is the time to buy IMO. There is a lot of big money and big builders in Miami that will swoop in quick for any deals so they won't last long.
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Old 10-12-2017, 07:28 PM   #130
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I don't agree with all that, the demand in The Keys will always be high and with any discounts people will buy, hold and rebuild knowing the market will recover. No way can you compare LI with Keys. Put it this way, how many people want to retire and move to LI? Also, there will likely be an influx of contractors to keep up with the demand and the ones who snooze will lose as there is going to be a TON of work.
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Old 10-13-2017, 05:12 AM   #131
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It's easy to say that "we will rebuild!", but actually going through that process is going to be a lot for most people to bear. How about residents who were renting a place that was wiped out? Maybe they also worked at a bar that was severely damaged and won't reopen any time soon? How long are you going to stay in a place with no job and no place to live?

The keys will get rebuilt, only unfortunately by investors and outsiders making an already expensive place to live even more so for the average service industry people who are year round residents.

One can only hope that this storm was a wake up call to all these transplants that moved down here in the last few hurricane free years. You won't see me shed a tear for any New Yorkers packing their shit and leaving FL.
ALL the substandard stuff which was destroyed in the storm will NOT be "rebuilt", but must be upgraded to all new housing which meets current code. $$$$$
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Old 10-13-2017, 05:23 AM   #132
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just saw a new listing on Little Torch on State Rd. It was a small stilted cottage on a good sized lot and before Irma I think it was listed at $550K or something like that. Now it's a pile of rubble and a tear down- they've marked it down to $389K. I think that tells a story right there. Bettcha they sell it at darn near that price and that would say the real estate market isn't going to hardly bat an eye over Irma because for every owner that's had enough, there will be a dozen ready to pounce just because there will be inventory to select from. Whereas inventory typically creates competition between sellers, I don't think it matters in the Keys because there are so many dreamers out there that want in and will now see the opening they never had even if the price structure doesn't change. And this dynamic will only exacerbate the need for and lack of affordable housing for workers to staff the tourism driven services industry. Irma comes, Irma goes, you clean up and life in the Keys goes on as before.
I'm not saying this is the desired outcome, it just my prognostication. It should be an opportunity to learn and get better but that would be the most difficult outcome to bring to fruition.
As a friend of mine likes to say......."Just one girl's opinion"...........
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Old 10-13-2017, 06:17 AM   #133
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just saw a new listing on Little Torch on State Rd. It was a small stilted cottage on a good sized lot and before Irma I think it was listed at $550K or something like that. Now it's a pile of rubble and a tear down- they've marked it down to $389K. I think that tells a story right there. Bettcha they sell it at darn near that price and that would say the real estate market isn't going to hardly bat an eye over Irma because for every owner that's had enough, there will be a dozen ready to pounce just because there will be inventory to select from. Whereas inventory typically creates competition between sellers, I don't think it matters in the Keys because there are so many dreamers out there that want in and will now see the opening they never had even if the price structure doesn't change. And this dynamic will only exacerbate the need for and lack of affordable housing for workers to staff the tourism driven services industry. Irma comes, Irma goes, you clean up and life in the Keys goes on as before.
I'm not saying this is the desired outcome, it just my prognostication. It should be an opportunity to learn and get better but that would be the most difficult outcome to bring to fruition.
As a friend of mine likes to say......."Just one girl's opinion"...........
It's the LAND which is valuable.
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Old 10-13-2017, 06:41 AM   #134
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Exactly! location, location, location!
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