627 Caroline Street - Historic Seaport Area - Key West

Just listed (but not by me) 627 Caroline Street just one block from the Historic Key West Seaport.
View Larger Map shows you where it is located. Or CLICK HERE. I know you will recognize the house next door. Almost every traveler to Key West takes a picture of this house. CLICK HERE to see the same house next door (629 Caroline Street) as it looked around 1965 when it probably had its last paint job.

The listing Realtor describes the house this way:

"Historic Conch Classical Revival home ready for your special touches. Two story, 2300 sq. ft., 3 bedrooms, 2 bathrooms, 2 blocks from Duval Street and near the Historic Seaport and all attractions. Large yard with room for a pool."

The house sits on a fairly good sized lot - 4541 sq ft. You will note from the photos that there is brick paved off street parking. You will also note the "addition" or enclosure of the downstairs front porch. That would never be allowed today and it ought to go. This particular block of Caroline Street has some really beautiful old homes that have been meticulously restored. A couple of stragglers are left, like this house, but the block is one of the prettiest in Key West. The Monroe County Tax Appraiser says this house was built circa 1889. Put on your imagination glasses and compare the way 627 Caroline Street looks today CLICK HERE with a nearly identical house across the street that has been restored CLICK HERE, you will get a sense of what you could do with this classic Key West home.

I have not been inside this house. But I have been inside enough just like it to know pretty much what to expect. Unless I am dreadfully wrong, there will be Dade County Pine, old windows and doors, old plumbing, old electric, and a year's worth of work and expense to restore this old house. The difference in buying a fixer like this versus buying a house that has already been restored that may cost more might elude some.

I warn buyers to expect time delays and unexpected costs in trying to do a renovation. I tell them that they need a good architect and a good contractor to get the job done right. I even tell them that they could probably buy a place that has been restored more cheaply than if they were to do a project themselves. But when a buyer does a project he or she or they get to recreate the house.

As nice as it is to have a garage I would probably eliminate the garage, ditch the addition on the front and add a white picket fence and electric gate at the driveway. I would doll up the facade with a fresh coat of paint and install new shutters where needed. By eliminating the porch addition and garage, I would add light to the downstairs. The living space would be reduced a bit, but the available space would be improved immensely.

627 Caroline Street is offered at $950,000 or $426 per sq ft. CLICK HERE to see more photos of the exterior of the property and view more details. Please call me, Gary Thomas, 305-766-2642 if you would like to see the inside. I a m a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Single Family Home in Truman Annex under $949,000

So I spent Sunday afternoon on my computer looking for some potential deals among all of the short sales and very highly priced single family homes in Key West. I found 214 Fleming Street. The current mls listing does not have any description of the property or photos. So I had to do a little digging. And I think I may have found that deal I was looking for. Now if you are working with another Realtor, stay with him or her for everything else. But since I am telling you about this property, it is only fair that you call me if this house strikes your fancy.

214 Fleming Street is a 1312 sq ft two story two bedroom with two and one-half bath single family residence located in the exclusive Truman Annex. It also has a special Truman Annex Transient License. It is currently offered for sale at $949,000 or $723 per sq ft on a private 1739 sq ft lot. This is how the listing Realtor described the property in 2007 when it was then priced at $1,450,000: "This is a rare Truman Annex home with an elevator, hot tub, brick patio, outside shower, extensive wood trim details, vaulted ceilings, a complete hurricane shutter package, and close designated parking." But I found this description written by a previous Realtor that makes the place seem pretty special: "Located In The World Renowned Truman Annex In Down Town Town Key West Has Been Meticulously Upgraded. Crown Moldings, Superior Trim Work, Hand Made Built In Entertainment Center, Custom Wood Work!"

Truman Annex is located two blocks east of Duval Street on land that was previously a United States naval base. That property was annexed to the City of Key West about twenty years ago. Truman Annex was developed as master planned community of condominiums, town homes, and single family homes. The location provides immediate access to all that Old Town Key West has to offer. And the location is an easy five minute walk to Ft. Zachary Taylor Beach.

Ft. Zach is a really special place to Key Westers. There is a little You Tube video about the efforts of Key Westers to save the Australian Pines that are such a magical part of Ft. Zach. Take a few minutes and watch. It will give you a sense of how much we love our island home. (By the way, we won!)

If you want to purchase a single family home in Old Town with a Transient License, you may want to take a look at 214 Fleming Street. Please call me, Gary Thomas, 305-766-2642 or contact me at kw1101v@ao.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. I spent my Sunday afternoon looking for a deal just for you.

Licensed to Make Money - Key West Waterfront Condo

Just listed (but not by me) 1500 Atlantic Boulevard Unit No. 108, Key West Beach Club Condominiums. Besides being located directly on the Atlantic Ocean (as opposed to having a view), this 1500 square foot three bedroom two bath unit has a Transient License. That means you can legally rent the unit everyday of the year to help defray costs. Unit No. 108 is offered at $895,000 or $597 per sq ft.

This is how the listing Realtor describes this new listing:

"True Oceanfront with a Transient License! Spectacular Views and All of the Quiet Elegance for which The Key West Beach Club is so Well Known. Your Own Private 345 Square Foot Oceanfront Balcony. Oceanfront Tennis Court. Two Oceanfront Swimming Pools with Covered Outdoor Grill Entertainment Areas. Oceanfront Gym. Life in Paradise is Best When Lived on the Water!"

CLICK HERE to see the mls listing information and view photos of the interior of the unit.

Even though our office does property management, I always tell buyers that want to purchase an income property that they should keep the property with the current property management company unless they feel that company is not doing an adequate job or the personalities don't mesh. This unit is managed by another company that does a good job. I have recommended this company to other buyers. This is how the property manager describes Unit No. 108. "Unique oceanfront living sitting 65 feet from the Atlantic. Listen to the water as ocean breezes cool you. This elegant 3 bedroom/ 2 bath unit features a huge oceanfront balcony accessed from both the living/dining area and master bedroom. The unit features central heat/air, cable TV, washer/dryer, well equipped kitchens, 2 baths, security entry, and elevator access. There is one reserved parking space. Resort amenities include heated oceanside pool, tennis court, outside cooking facilities, workout room and sauna."

Rents on all transient properties in Key West vary depending on date and length of stay. Unit No. 108 rents from $340 to $520 per day and $2310 to $3640 per week. Experienced property managers have repeatedly told me that three bedroom units (such as this) tend to rent more quickly than two bedroom units because they can accommodate more people more easily.

Every time I take prospective buyers into a unit at the Key West Beach Club they are awed by the view. Each unit is located directly on the water. None of the units have a partial water view. Every unit has a dead-on up close view of the Atlantic Ocean. The beach is just below. The neighboring units do not have views of the balcony unlike many other condos in Key West. And the ocean view at night is just magical with the twinkle of little lights on boats far away.

If you are thinking of buying a second home in Key West with a transient rental license, please contact me, Gary Thomas, at 305.766.2642 or by e-mail at kw1101v@aol.com to get more information on 1500 Atlantic Unit No. 108 or any other property in Key West. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Shopping Lessons

I am bored with TV. The over-paid programming executives (except for the USA Network!) have ruined TV. There is nothing new and plenty of old that has been re-furbished to look "new". I watched the trailers on the new ABC TV program called "V" and thought I had seen all of this before. I did. About 20 years ago. Reality TV is cheaper to produce so we get to see races and hear the filthiest insults from so called adults acting worse than children. Why in the world would I ever want to buy their designs or eat their food is beyond me. And HBO, once my favorite place on TV, has grown old and wary. I am paying well over a hundred dollars a month for cable TV and getting little that really interests me. That is until I found the Sundance Channel's new series "MAN SHOPS GLOBE".

The program follows Keith Johnson (buyer-at-large for the Anthropolgie stores) as he goes around the world looking for antiques and objects that he can take back to the US where his company can either use them as marketing displays or as a prototype that can be reproduced for resale. He seeks out things that nobody has seen before or he creates new things by re-interpreting old things. Example: on a trip to Belgium he found a beautiful old wood headboard with lots of character. Nothing new about that. But he found this talented graffiti artist and told the guy to create. I know we have all seen painted furniture, but what this kid did was entirely different.

Keith Johnson tells the viewer the purpose of each destination and the general types of things he seeks. On his trip to France he wanted a few really grand one-of-a-kind pieces that could be used as major display items in the Anthropologie stores. He shared his frustration with over-priced items in Paris. He took us along to Avignon to the flea market and later to an artists studio. He gave up a lot of information on price negotiation methods. I'm not sure he really should have done that. His negotiating style was definitely worth watching.

The series' official website MAN SHOPS GLOBE has lots of helpful information about each destination Keith Johnson visited. There are useful links and some great photographs that provide more detailed information for someone like myself who was just totally taken by this series. You can watch full episodes ON DEMAND or when they appear on the Sundance Channel.

Keith Johnson is quoted as saying

"The flea markets in France are legendary. The best part of the Saint-Ouen Flea Market in Paris is the Paul Bert Section. It has the most decorative things. My advice on buying is to ask yourself, "How much is this worth to me?" Then bargain, be fair and be willing to walk away. The truth is that you'll only regret the things you don't buy... you'll never regret what you do buy. In the context of the market, surrounded by similar objects, a piece may not seem special. That's the hardest part of being a buyer - taking things out of context."

The thing I appreciate most about Keith Johnson is his collegial style. He's obviously successful but he does not come across like some know it all that talks through his teeth with disdain for little people. Instead he asks opinions of others and gives them the opportunity to create.

Go to the Food Network to learn how to cook something or watch DYI to learn how to fix something. But if you want to learn how to shop and get something you really want, watch "MAN SHOPS GLOBE" on the Sundance Channel and take shopping lessons from an expert. If you are thinking of buying a place in Key West keep Keith Johnson's admonition in mind "The truth is that you'll only regret the things you don't buy... you'll never regret what you do buy."

If you want to go real estate shopping with a Keith Johnson wannabe, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

Disparate* House Buys - Key West

*Disparate
Function: adjective
Etymology: Middle English desparat, from Latin disparatus, past participle of disparare to separate, from dis- + parare to prepare — more at pare
Date: 15th century
1 : containing or made up of fundamentally different and often incongruous elements
2 : markedly distinct in quality or character
synonyms see different" from the Merriam Webster Online Dictionary.

I thought it would be interesting to compare similarly priced properties that are located in good locations in the Old Town, Casa Marina and Meadows areas of Key West. The point of the comparison is to show the disparity of similarly priced homes in desirable locations. My criteria:

Property Type Residential
Include Property Subtype Single Family County Monroe County
Statuses Active, Active-Short Sale
Price 1,600,000 to 1,800,000 Area Area 1-2

CLICK HERE to view the ten houses that fit that criteria. I wrote about the smallest of the houses at 511 Frances last week. It is priced at $1,649,000 or $970 per sq ft. The largest of the properties is located at 1307 Truman Avenue. It is a short sale and it is priced at $1,799,000 or $395 per sq ft. (Both properties are listings of my office.) 1307 Truman Avenue is also the least expensive house on a per sq ft basis. The most expensive property on a per sq ft basis is located at 608 Angela Street. It is priced at $1041 per sq ft. (I previously wrote about both houses in detail. 608 Angela is cute, has a great location, was the former home of actor Richard Burton's father, yada, yada, yada. The house at 1307 Truman Avenue is the grande dame of Truman. It is a house from another age and is so damned big that it is almost impractical as a single family residence. I happen to think it is an incredible buy. (I wish I had a buyer for it.)

All houses, even in the same areas and that are similarly priced, are not equal. The average price per square foot on the ten houses is $708. Using that as a benchmark, do your own price point comparison between the various houses. You can see for yourself the disparity between the asking price, size, location, and amenities offered in each of the ten properties.

I need to mention once again the best bargain in Key West: 906 Johnson Street. CLICK HERE to see why I think this house is such a great value. It is offered as a short sale at $1,769,000 or $476 per sq ft -- that is $272 less than the average price of the ten homes shown above on a per square foot basis. 906 Johnson Street was listed earlier this year before it became a short sale at $3,495,000. Somebody is going to get the bargain of this new century on this house.

If you are looking to purchase a primary residence or a second home in Key West please call me, Gary Thomas, 305-766-2642 or contact me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. Our office is the exclusive lower Florida Keys affiliate of Christie's Great Estates.

October Real Estate Sales in Key West

There were several real estate closings in October that mark the resilience of the Key West real estate market. There were 18 single family home sales in all of Key West. I found 4 single family short sales and one bank owned sale during that time. There was only one sale in the core area of Old Town. ( It was a small Conch house at 726 Fleming Street. Great location and it had a pool. But I don't think the city knows there is a pool there. It looked more "homemade" than any pool I ever saw. The place has a transient license, but the license had not been used in years. That house sold at $537 per sq ft.) In October 2008 there were 14 single family home sales. That is a 23% increase in sales over last year.

There were 13 condo and townhome sales in October 2009. We had the same number in 2008. Four of the 13 were noted as short sales and three were shown as bank owned. But CLICK HERE to see a shocker. I missed it when it happened because I did not recognize the street address. You see there have not been many sales at 281 Trumbo Road (more commonly referred to as The Steam Plant). This 2884 sq ft unit was sold Doug Mayberry for a whopping $2,835,000 or $980 per sq ft. Congrats!

I was also encouraged by the brisk activity of recent listings that went under contract this past month. 907 Elizabeth Street, 1126 Stump Lane, 709 Windsor Lane (all Old Town locations) went under contract within a couple of days of being listed. Despite what some naysayers may espouse, the Key West real estate market is very active.

It is listing season again. Many sellers traditionally wait until just before the holidays to list houses for sale. The asking prices for Old Town and Casa Marina appear to be rising on a per sq ft basis for nicer homes in the Old Town and Casa Marina areas. I'm not saying that the sales prices are up there, but the asking prices are starting to rise. There aren't many houses under $1 million in Old Town or Casa Marina. But there are a lot of single family homes priced just under $1.8 million and higher in those same areas. It will be interesting to see how the law of supply and demand works out. I know there are some very pricey houses whose owners need to sell. And there are some cash rich buyers looking for a prize property at a bargain price.

There are still plenty of condos and townhomes on the market, but the availability of units in some locations (like the Key West Golf Club) is starting to shrink. Most of the cheaper units are not where second home buyers want to be. Eighteen of the houses or condos that sold in October were priced at or under $500,000 with an average price per of $254 per sq ft. Again, most of those units are in areas that most second home owners would not consider as a second home location (except the golf course or Old Town).

The market is contracting. The market is demanding. The market is not egalitarian.

CLICK HERE to search the real Key West Association of Realtors mls database. If you see a property that you like, please contact me, Gary Thomas, 305-766-2642 or reach me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

1223 Royal Street - Key West

1223 Royal Street is a small Key West compound, an investment property, if you will. It is offered for sale at the asking price of $524,900 or $393 per sq ft. This is how the listing Realtor describes this property:

"Behind the privacy of the wood fence sits a very private very Key Westy compound. 1/1 in the front with a stone path leading to 2/1 plus loft in the rear. Lovingly cared for with etched glass, cathedral ceilings, wood floors, built in shelving and French doors opening to a yard with room for a pool.This legal duplex has two electric,garbage and sewer accounts? Central air through out."

You may not recognize the neighborhood or the area by the address. El Siboney Cuban Restaurant is located down Catherine Street two blocks to the east. And Duval Street is four blocks to the west. St. Mary's of the Sea Catholic Church is two blocks to the north. The Atlantic Ocean and South Beach are a five minute walk to the south.

CLICK HERE to read more details on this property and to view photos of the interior and grounds. The lot is 4278 sq ft (46' x 93').

If you are familiar with the street numbering system in Key West you will know that most odd numbered houses are on the east side of the street. 1223 Royal Street is located on the west side in this block. Key West planning officials do this just to keep everybody on their toes. (There are two Thompson Lanes which are located about a mile apart. Planning did that to drive taxi drivers crazy.)

There were three sales in this same block earlier this year. CLICK HERE to see what sold and the prices paid. 1223 Royal has been used as a vacation rental so I am not sure it really compares to any of the properties that recently sold. I have not been inside of this property so I can't add much to what the listing Realtor has provided. If you are looking for an investment property you may want to see 1223 Royal Street.