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Sunday, February 4, 2007

Sunday Special

Sunday Special

Actually, you can buy this lovely totally renovated compound in Old Town for $1,849,000 any day of the week. But it is a very special house, and here's why:

Two of my friends from my former office are multi-million dollar agents year after year. During their time off from their busy real estate practice, they renovate homes for fun and profit. They design each property for a discerning buyer and oversee all of the construction to make sure the work is done to their standards. This home was their crown jewel in Key West.

This property at 709 Bakers Lane is just two blocks from Duval on Solares Hill--the highest point in Key West. The compound is actually two homes plus a guest cottage that is
hidden away just off Elizabeth Street.

Each building was thoughtfully renovated to provide separate living spaces for the owner and family or friends. The great room in the main house features two chandeliers from a historic Chicago theatre. The kitchen has all the bells and whistles one would expect. The second floor is devoted to the master bedroom and bath plus a second floor terrace overlooking the pool below.

The guest house features a living area, kitchen, and two bedrooms and two bathrooms. James Leo Herlihy wrote Midnight Cowboy in this house.

On the opposite side of the free form pool sits the guest cottage which has a butler's kitchen, huge bath, and laundry room.

The new pool and swim under waterfall are truly inviting. The balance of the courtyard is paved with Chicago brick and handsomely landscaped.

The house was originally designed and built to sell for $2.8 million. The real estate market took a nose dive and the owners decided to leave Key West for a variety of reasons. The home is now priced at a very reasonable price. The home is not for everyone because the main house has only the master suite for sleeping. But an individual or couple with no small children might find the two separate guest houses just the ticket.

There are two ROGO units on this property meaning that the owner could legally rent one or both homes as vacation rentals. (Lots of rules--not discussed here.) I did a quick comparison to similar properties managed by At Home in Key West and Rent Key West and I believe this home could be rented as a vacation rental during season for $12,000 to $14,000 per month.

I truly believe that now is the time to buy quality properties in Key West like this jewel, because most are underpriced and way undervalued. When the real estate market makes its next correction, this property will not be afforable by many who can afford it now. The spike in value will be appreciable.

This is not my listing, but I would love to show this property to you. Click the title above for more info on this property. And call me at 1-305-766-2642.

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Gary Thomas in a Nutshell

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.