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Saturday, March 8, 2008

709 Bakers Lane Old Town Key West, Fl

Two of my friends from my former office are multi-million dollar real estate 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. The home at 709 Bakers Lane 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 on the one block long Bakers Lane in the mid 600 block of 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 has a vaulted ceiling that features two chandeliers from a historic Chicago theatre. The adjoining 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 the guest house. On the other side of the pool you will find another guest cottage with two sets of French doors that overlook the pool and garden. It 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. The house is priced to sell at $1,749,000 or $760 per sq ft.

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

I would love to show this property to you. CLICK HERE for more info and pics on this property. And then call me, Gary Thomas, 305-766-2642 or e-mail me at We need 24 hours advance notice to show. Thanks.

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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.