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Wednesday, April 9, 2008

Classic Key West Cottage -- Short Sale

The Classic Key West Cottage located at 926 Southard Street was justed reduced in price to $535,000 and may now become a Short Sale. A Short Sale occurs when the contract price agreed upon between the buyer and seller is less than the amount owed to a lender, and the lender agrees to accept a discounted payoff upon receipt of less money than is actually owed. The one bedroom one bath cottage is located next door to the famous Five Brothers Grocery and Sandwich Shop in the heart of Old Town. This is a killer location folks.

The cottage is small, but it has just about everything else many second home owners require. This cute one bedroom, one bath eyebrow has been updated with new kitchen, beautiful wood floors, and a tiled bath. Step out into the surprisingly large rear yard with new pool and lots of privacy. A loft above the living room has plenty of extra storage capacity. Great monthly vacation rental history and future bookings available. This property does not have a transient rental license. But you can legally rent this cottage as a vacation rental once a month.

I normally comment about houses being priced too high on a per square foot basis. I'm waffling on this cottage because I see it as a value because of it's utter charm, location, and suitability as a monthly vacation rental. Now the universe of renters for a cottage like this is less than people who have friends or relatives. This is a house for two. Maybe you could have one friend sleep on the sofa or climb up to the loft. I'm kidding of course. But having just one bedroom has limitations. But as long as you are willing to let your cheap friends and relatives sleep on your sofa, it is not a problem. In return you get a cute place that is close to everything.

CLICK HERE for more pics and info. If I were looking to buy a second home in Key West I would compare the benefits of 926 Southard to owning a 680 square foot two bedroom one bath condo at Shipyard for the same price. The cottage has one bedroom. The condo has two. The cottage is a single family residence and the condo is not. The cottage is a classic eyebrow and while the condo development is very attractive, it fails in comparison to the cottage. The cottage has its own private pool, and the condo's pool is shared with hordes of tourists. Do you see where I'm going?

This property was originally listed at $686,000 and now is offered at $535,000 on a Short Sale basis. Give me, Gary Thomas, a phone call at 305-766-2642 to schedule a private showing of this cottage. The place has its limitations, but it has a lot of value in its utter charm.

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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.