The simplest definition, for those of you who aren't quite sure exactly what a short sale is, is a listing where the seller tries to sell the property for less than what the seller owes on it. These sales require approval by a third party, typically the bank through which it was mortgaged.
The short sale market here in Key West is starting to dry up as there are less and less available. Even fewer short sales left in the most desirable areas in the Old Town and Casa Marina areas. Many prospective buyers don't realize that Key West is a very different market from the rest of Florida as we're located on a 4x6 mile island. Space and the homes that occupy that space are typically priced differently than the rest of mainland Florida, even in these times.
There are more than 80 properties listed in Key West as Short Sales...take a look (HERE) and contact me if any of them interest you, as I have a SFR designation which means I'm a short sale and foreclosure specialist.
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