Sally's Key West

Sound Familiar?

One of today's threads on the Costa Rica Living Group board was "Lots of for sale signs." The conversation went like this:

Posted by: Marvin
Fri Nov 30, 2007 5:59 am (PST)

I was driving around the other day with a friend and noticed about 50 "for sale/for rent" signs in a period of about 30 minutes.

Some realtor friends of mine say real estate has REALLY slowed down and there is too much inventory and no buyers.

My complex in Escazú is really nice and quite inexpensive, and 3 of the 7 condos are for sale...yet nobody has even come to look at them. A couple blocks away is a brand new complex and not a single condo has sold...not 1.

Does anybody else get the distinct feeling that we are about to have a real estate crash?

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Posted by: Gary
Fri Nov 30, 2007 7:31 am (PST)

Same feeling about Jacó Beach. My condo is also up for sale and nary a nibble. Its probably because there is SOOO much inventory, and a lot of it is not finished yet, that serious buyers aren't ready to make a decision yet. I hope there is no short term crash, but it really wouldn't surprise me. In Jacó not much thought has been put into upgrading infrastructure, and so thats a big question for folks used to regular Hydro and toilets that really flush.

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Posted by: David
Fri Nov 30, 2007 6:12 am (PST)

you can only sell a finite number of 80,000 dollar homes for 350,000 dollars, and then the well runs dry ----- and the dollar loses value, and the stock market loses 1000 points, and the sub-prime funds go under ----- HELLO ------- welcome to the real world ----- just my personal opinion

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Posted by: Jack
Fri Nov 30, 2007 6:54 am (PST)

David, Everything is cyclic, if you have a boom eventually the smoke blows away. With all the over building going on something has to give sooner or later. All these builders were counting on the baby boomer's buying without brains. Well it turns out that getting to retirement age you do become very cautious with your money especially with the fears of SS going broke and all that stuff. I know that I currently changed my way of thinking. I bought in Costa Rica for big reasons, 1 - that I could buy a Tico home for cash, 2 - lower cost of living, 3 - awesome people and 4 - awesome country. That said, I think your personal opinion is right on.

Activity: Jan 1 - Nov 16 2007

Following is a re-cap of all solds (closed sales), properties currently under contract (sold but not closed), and active listings.

You can access the data in pdf or in excel format. If you want to manipulate the numbers and change the order of the listings based on different criteria (sale date, dom, $/sf, etc), download in excel.

If you just want to be able to see what sold when for how much, download the pdf. You'll need Acrobat Reader which is free. If you have any questions, please ask.

These properties are:

• On Key West only
• This year's data, so Jan 1 thru Nov 16 2007
• Residential only, which includes Single Family, Condos, Duplex, Multi-Family & Mobile Homes (although there are almost no mobile homes with land left on the island)
• DOM is Days On Market and only includes the time period for the current REALTOR®. REALTOR®s are supposed to relist a property under the same MLS# so the DOM is accurate. Doesn't always happen. When a seller changes REALTOR®s, there is a new MLS# assigned, in which case the only way to get accurate DOM - which is a critical component of a sale - is to research that address. If you want an address researched, please ask.

SOLDS - 281 properties: pdf or excel

UNDER CONTRACT - 38 properties: pdf or excel
 
ACTIVES - 864 properties: pdf or excel

Coming Home To Roost

Back in the day, when everyone was making pots full of money on real estate speculation, SIVs (Structured Investment Vehicles) were just another route to riches touted by the Experts In The Field. Risk was downplayed - everyone was making money and "real estate always goes up"... so risk? What risk?

There is no such thing as a free lunch and those chickens are coming home to roost. My Costa Rica blogger buddy, Hal Smith, aka The Compulsive Explainer, has a friend with first-hand experience.

Fantasy Fest 2007 Online

We can still vicariously enjoy it. Without the noise and the smells... Actually, watching these videos, I find I kinda miss all that! Um, some of the videos are pretty awful, some are fun... I think maybe some of the videographers were drinking!

Anyway, this one is a good place to start - there's a Part B to this, too:

Somehow, VirgKW makes the whole thing look rather... almost... wholesome. That's talent. Michael and Kathy have some good photos and write-ups, as does Cayo Dave. Gosh, it looks FUN!!!

Hal's eBook!

 

  $9.97

Funny, extreme, always provocative essays [53 of 'em, all less than 1,000 words] on the illusions and delusions of America's Imperial Age.

There is something in this book to intrigue, annoy, or outrage just about anyone. Get your copy before it is banned by the Department of Homeland Security. The author accepts no responsibility for what may happen to those who carry copies onto commercial airliners.

Learn things you didn't even think you wanted to know about:

• Franklin Roosevelt and Charles Ponzi
• New Orleans and the Hanging Gardens of Babylon
• Kids and Guns
• Rin Tin Tin and Lassie
• Gold, Santa Clause, Leprechauns and Pagans

Cover art by Solares Hill Design Group.
282 pages, color photos, active links, fully indexed.
Also available for MobiPocket, all readers... please ask. Paperback available soon!