Cay Clubs’ properties in the Florida Keys are being auctioned off on April 17th. Cay Clubs jumped on the real estate bandwagon and lost their butt. So now is the time for you guys with a little common sense to benefit. A complete list of the properties is available on the Keynoter website.
The properties on 11th Street in Marathon should be particularly interesting for vacation home investors. While they are older homes, the waterfront ones have a great sunset view and good water for boaters. With current conditions, qualified buyers that want to enjoy their property should have a shot at a great deal.
In general, Keys real estate is getting back in line with normal prices. Most of the inflated pricing is gone. That doesn’t mean cheap just realistic prices. Based on a fifteen year curve, the prices are nearing normal increase in equity. Not that I am qualified to be a financial adviser, I just can read charts. So a long term investor can get back into the Keys real estate game now that the flippers are kaput.
The biggest question is if people without big capital can qualify for a reasonable loan. A 740 credit score is pretty solid, but doesn’t mean you qualify. The skittish bankers are balking at loans to guys with the best credit ratings. So if you want to play at the auction get your ducks in a row now. You are looking at a big chunk down and tough financing.
Anywho, the auction should be big doings in the Keys. If I am not fishing I may have to an eye witness report. Check out the Keynoter to times and the list of properties.
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