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Tuesday, March 4, 2008

Won't You be My Neighbor? 1125 Washington Street Key West,Fl




I've told you before about the joy of living in the Casa Marina Area. The streets are wide, the yards are big, there trees are tall, the houses are usually much larger than those in Old Town, and most important the beach is only a couple of blocks away.

Some Realtors fudge and call the area from Truman to the Atlantic and First Street west to Duval the Casa Marina area, but I say it is South to the ocean and White west to Vernon. And don't think the location makes any difference, because it does. Just as Old Town sells more quickly than other areas, Casa Marina sells more quickly than any area other than Old Town. And it offers amenities Old Town does not.

The property at 1125 Washington Street is located in the middle of the block. It presently is configured as rental apartments. I dare not print the number of apartments because I do not know for sure. But I am suspect there are more units than there are licenses. This is how the listing agent describes this property:
"Fantastic opportunity for a conversion back into a large single family home in the fashionable Casa Marina area! Currently offering 3 separately metered units (with one stand alone 1 BR/1 BA cottage) and 2 lockout units, the property produces substantial monthly rental income with long term tenants. January 2008 appraisal on file showing list price is well below market value, and rent roles offered to qualified buyers."

The tax records show that this property has 6 bedrooms, 5 baths in a 3538 sq ft structure on a 4973 sq ft lot. The listing agent's mls data sheet says there are 8 bedrooms and 6 baths and three city non transient rental licenses. I think the value of this property is not in the number of licenses or bedrooms, but rather on its location and the ability to transform what I consider to be an ugly duckling into a cute Casa Marina cottage with pool.

The property is listed at $925,000 or $261 per sq ft. CLICK HERE for more information and pics.

The owner of 1125 Washington purchased the property in June 2004 for $1,150.000. Yet it is priced at $925,000. Something tells me there may be a bargain to be struck on this one.

But let's look further than the price and consider the upside of the location. The house next door to the west at 1123 Washington is also on the market. It is priced at $1,689,000 down from $1,849,000. CLICK HERE to checkout this wonderful Casa Marina home. A real beauty.

Down on the corner is one of the very best lots in Key West. CLICK TO SEE A PIC. The lot (no house included) is offered at the price of $3,000,000. CLICK HERE for the details on this lot and more photos. The property is spectacular. I hope it does not sell, because it is so beautiful as is. I live just a few feet to the south and I don't want my view impaired.

There is another potential development property at 1010 Washington Street. It is now listed at $1,395,000 down from $1,485,000. The property must be sold to settle an estate, so I suspect that one might be able to negotiate on this property as well. There is the possibility of getting two units off this site as there are two units there now. And the lot is very large. The house across the street is another Casa Marina landmark, so money spent here on location ought to payoff big time. CLICK HERE for more info and photos.

I live in this area and love it. It is quite. But I can be anywhere I need to be on bike or by car within a matter of minutes. I am away from the noise of Duval, but close enough that I can walk if I want. And I am close to the beach. If you would like to see any of the properties mentioned here or any others in Key West, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Thanks.

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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.