Short Sales...Grrrr

Why is it that I am asked daily is my short sale not yet approved after months and months of waiting. This is the all too common question from buyers who have made offers on short sales. Buyers are pre-approved, brought in offers that are at the current value and then just wait. Banks seem to be in no hurry to approve these while taxes, condo fees, code violations fines and maintenance issues mount. We have all seen the murky green pool that now has fish living in it. In the Key West Association of Realtors MLS as in other communities there is a glut of short sales awaiting approval. Currently we have 149 residential short sales under contract as compared to 46 normal sales. A whole new cottage industry of short sale negotiators is flourishing but nothing has sped up.

What is wrong with this picture? I think a lot; only 1 in 3 short sales ever close primarily because the buyer eventually drops out. A short sale that never closes can only end up as a foreclosure and most times is resold for a price much less then the actual short sale offer. The banks end up losing money and when they do the US government seems to be there to help.

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Just Sold

JUST SOLD: 1606 Flagler Avenue, Key West, FL Cute Key West hideaway. Completely remodeled in 2006. New kitchen and appliances, new bathrooms. Tile throughout. Potential mother-in-law apartment or lock out room. Shaded yard with outdoor living space. A short walk to the beach.

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REDUCED!!! Charming Key West Apartment Building

Charming Key West apartment building at the foot of Margaret St only one block from the waterfront of the Historic Seaport District.Four legal units generates aproximately $4,900 in gross rent. 4 electic meters and 1 water meter.


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The William Pope Crawl

In our small town of Key West, one street remains the most popular tourist destination on the island. Packed with bars, restaurants and shops, the mile long stretch is a must see for the millions of tourist who continuously stroll down its sun covered sidewalks. Sure, many can say they’ve thrown back Margaritas and beers in some of the most famous bars in the world, but how many can say they know who the street is named after?

That man was William Pope Duval, adventurer, lawyer, cavalry man and former state governor. He was born in 1784, a boy who seemed to get in a lot of trouble ran away from home in Virginia at 14 to the frontier of Kentucky. He carved a successful life and was admitted to the bar when he was only 20. In the following years, he rode as a cavalry officer and served as a congressional representative for Kentucky. In 1822 he became Florida’s first territorial governor, appointed by President James Monroe. At that time Florida had no seat in which he could govern. Until the new capital was constructed in the small Indian town of Tallahassee, Duval governed from a boat docked at St. Marks. He was a popular governor, serving for 12 years and known for his peaceful dealing with the Native Americans.

So the next time you’re throwing back some drinks at Sloppy Joes or doing the Duval crawl, remember William Pope, a man’s name eternalized in down town Key West.

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