Yesterday I wrote about Short Sale opportunities priced below $700,000. Well, this is a Big Boy Short Sale and it is a buying opportunity for someone with big ideas and a big budget.
709 Windsor Lane is like an island within the Island of Key West. The street address of 709 Windsor Lane and a small pathway are all that a pedestrian will ever see of this huge property. Access is actually gained off Bakers Lane which is in the middle of the block between Southard Street and Windsor Lane and sits at one of the highest points on Solares Hill right in the heart of Old Town.
This is how the listing Realtor describes the property: "Short Sale!!!Priced Below Mtg Balance!Must move Now! Ideal Old Town location on a Double Lot, just 2 Blocks to Duval and the local grocery...Two Off street parking Spaces available for Purchase off this private lane! Features include: 3BR/2 Bath main home w/gourmet kitchen, separate Whirlpool in master bath, Cabana w/Kitchen and 1/2 Bath, Outdoor Shower, Pool w/built-in Jacuzzi and Decks Galore on every side of this Entertainment Mecca!Separate 1BR/1 BATH Mother-in-Law apt w/Separate Entrance. Home does need some addtl TLC: Tenting and Wood Floor refinishing...All offers subject to Bank Approval.Bring All Offers. See MLS#105978/Adjacent to Property...May do Package Deal...Owner is FL Licensed RE Broker." CLICK HERE to see adjacent property on Baker's Lane. It is not necessary to own both properties, but it would be nice to control such a huge piece of ground.
The house was renovated several years ago and it reflects all that was current then. Meaning it needs to be redone. But this property is huge and it sits on a very large sunny lot in a very good location. The house has 3353 sq ft of living space and sits on a 6285 sq ft lot. It is priced at $1,250,000 or $373 per sq. ft. I haven't been in the house for a couple of years but I recall that it primarily needs cosmetic updating rather than structural repairs. So money spent would be going towards making pretty as opposed to making habitable. There is a big difference. Structural repairs are always more expensive in my opinion.
I see this property as an opportunity for someone with vision and some cash to turn a moderate investment into a significant estate-type property. A smart buyer can leverage himself into a very big property. Emphasis is definitely on smart. CLICK HERE for more details and photos.
Please call me, Gary Thomas, at 305-766-2642 or email me at kw1101v@aol.com for more information.
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