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11871 Rye Key Dr
Cedar Key, FL 32625
$1,195,000
Conventional
Property
Bedroom
5
Bathroom
4
Property Type
Conventional
Square ft
2953
Property Description
What a spectacular rare opportunity to snag a beautiful water front home on a gated, private island in historic Cedar Key, Florida! This home offers something not typically available on the island--a large window of DEEP WATER access, right on the channel! This elevated coastal home, with its unique tasteful touches, has living quarters on two separate levels. Enter at ground level, and make your way up the beautifully crafted wood staircase to the main living area. At the top of the stairs, you will find the inviting open floor plan, complete with its wall of waterfront windows and French doors. Having a really big party? Open those French doors and expand out onto the 12' x 29' covered porch, overlooking the breathtaking expansive saltwater view. You will love spending time in the kitchen, with its granite counters and exquisite cherry cabinetry--and the cabinetry continues with the living area's generous array of built-ins, surrounding the central fireplace. Down the hall, you'll pass the house powder room, before arriving at the master suite, with its huge walk-in closet, set up for super organization. The master bath, with its walk-in shower, dressing table and corner garden tub, overlooks the private master deck and the stand of oaks outside. Two nice-sized bedrooms--with built in desks and beautifully hand-painted accents--share a bath. On the top level, there is another complete living space! Need a private spot for guests, an older child, or an aging parent? The living area, used as a home office now, sports a private deck overlooking the sea and marsh. Two bedrooms, another private water view deck, and a full bath complete the upper level. With plenty of parking underneath, a large storage area, and a "between story" waterfront deck, there are lots of lower level amenities. A good-sized outdoor shower will beckon to you after saltwater island fun, when you have docked your boat on your private deep-water boat dock. Want to take a paddle on your kayak? Launch it from the ladder down to the shell bank off the midpoint of the dock. And if you want extra elbow room, the lot next door is available separately to the buyer of the home. Tucked away from the action of downtown, you will find lots of peace an quiet on private Rye Key, the island's only gated community. Ready for downtown fun? Hop in your golf cart and you will be playing in a flash--restaurants, bars, parks, the library and coffee shop are only a few minutes in a cart. Come see all that Cedar Key, the "Island City," has to offer you. But look soon--Travel and Leisure Magazine named our town one of the "Ten Best Small Towns for Retirees!"
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
2003
MLS Number
789645
Location
Address
11871 Rye Key Dr
City
Cedar Key
State
FL
Zip Code
32625
County
LEVY
Listing
Provider
Cedar Key Realty, Inc., original listing
Name
Cedar Key Realty, Inc.
Phone
(352) 543-9899
Office Name
Cedar Key Realty, Inc.
Office Phone
(352) 543-9899
Agent Name
Vanessa Edmunds

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.