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Tuesday, March 25, 2008

Bank Foreclosure -- 1021 Johnson Key West

Everybody likes it when the bank makes an error, right? That is unless you have to pay for the error.

One of the sad things about all of the foreclosures is that big banks hire asset managers to mange their foreclosed real estate. The managers then hire Realtors to list and sell the properties. But banks are notorious for not wanting to spend any money on fixing or maintaining their depreciating assets, so they neglect them. And this is the case of 1021 Johnson Street in the Casa Marina Area of Key West.

I live two blocks away and know the area very well. This house is located on one of the best blocks in Key West. Remember I have said many, many times the location matters and this is a prime example. The house next door to the west sold in 2007 for $3.1 CLICK CLICK.
The house next door to the east is on the market for$2,450,000 CLICK.
There is a brand new house just being finished on the corner. I think it looks huge and out of place and way overbuilt, but the other estate-type houses near it to the south may justify this huge addition to the area CLICK. One block to the west a local Realtor couple are nearing completion of their new home which will likely price in around $4 million CLICK. And next door is another estate I wrote about earlier that is available at $3,395,000 CLICK.

Back to 1021 Johnson Street. It was built in 1958 and has those Jetson roof lines and stark mid-century architecture. So if you want quaint Key West architecture, stop reading. The front entry features an indoor koi pond with waterfall CLICK. And that area opens into the really beautiful new kitchen with high end appliances and cabinets that compliment the original architecture of the house. The kitchen window opens to the incredible pool area for serving food and cocktails.

The living room was updated and has a media wall CLICK. (The house is wired for media from a central control point.) That area flows into the dining room which opens onto the rear pool area. The master bed and bath are located at the right rear of the house and they also open onto the pool area. Wait till you see that pool! Photos of the bedroom and master bath can be seen here. CLICK CLICK CLICK CLICK. There is a second bedroom and bath at the front with a beautiful tree framing the view from inside CLICK.

There are two additional bedrooms on the second floor wing that is located on the opposite side of the house and behind the double garage. Can you believe it, a double garage with reinforced doors, in Key West! Downstairs by the pool there is yet another room which would be great as an office or artist studio. There are more rooms. I just can't remember all of them.

The floors are a mix of terrazzo, tile and wood. All of the exterior doors have been replaced with very expensive hurricane resistant doors. The windows at the front of the house are original however.

The yard was once lush but now looks like a set of a scary movie. This house is clean and shows well, but the grey gardens got get some water and attention. This house is priced at $1,624,900 or $611 per sq ft for this 2661 sq ft home on a 10,000 sq ft lot. The listing agent told me yesterday that they have been getting a lot of showings on this house. I think it is priced very competitive, but I suspect someone will get this house for less. How much less will probably depend on who makes an all cash, close like tomorrow kind of offer. A homeowners inspection is a must. I saw a couple of things a buyer should be aware of, but for the price of repair they are no big deal. CLICK HERE to read the listing Realtors description and see more pics of the house.

If you have about $1.5 million (I'm speculating folks!) in cash and can close next week and like mid-century modern, call me, Gary Thomas, 305-766-2642 to schedule a showing. Let the bank's error be your gain.

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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.