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Saturday, September 6, 2008

Hidden Treasure - 529 Margaret St. Old Town Key West

My favorite Realtor (not me) just listed a very cute, clean, and well priced two bedroom / one bath home in Old Town that was totally updated in the last two years. The asking price is only $599,000 or $922 per sq ft. The two story home is located at 529 Margaret Street and is tucked away down a bricked and nicely landscaped path away from the street. Michael's Restaurant is located across the street as a quick reference point.

The house was built in 1978 so it is not old and creaky. The recent remodel spiffed up the place just right. When you walk into the property from the bricked path you immediately see the beautiful pool to the left. And then you look to your far left and see an amazing giant tree with an outdoor shower tucked inside the tree. OMG! I forgot to mention there is also a separate spa.

The house is pretty simple, really. And that is what makes it so attractive in my opinion. It is not fussy. It is clean and neat and to the point. The downstairs consists of the living room and the kitchen. CLICK HERE for more photos and information provided by the listing Realtor. And CLICK HERE for more photos that I took when I previewed the house on Friday. There are french doors in the living room and kitchen that open onto the deck and pool area. So the downstairs living space is open and inviting and yet tucked secretly away from the rest of the world.

Upstairs there are two cocoon bedrooms. They are not really large, but they are not tiny either. They are cozy. They share one bath and it is very up to date and very nicely appointed.

The washer and dryer are in a separate enclosure near the pool and there is another enclosure near the front of the house that houses the pool equipment and provides additional storage. Everything has a place and everything is in its place.

There is no off street parking. So you second home owners don't have to pay to have a gas guzzler in Key West. Rent a car when you are in Key West if you must have one. Think of all the money you will save not owning another car you rarely drive. Be like another client of mine that bought a cute little house on Nassau Lane a few years back: buy a scooter and ride together.

The listing Realtor told me the seller had the property appraised before listing it. The asking price is below the appraised price. This is not a forced sale.

I like this home a lot and I would love to help someone looking for a secret treasure right in the heart of Old Town. If you would like to see 529 Margaret or any other house, please call me, Gary Thomas, 305-766-2642 or e-mail me at

CLICK HERE to search the Key West mls database. If you see something you like, give me a call. Unlike a lot of real estate websites, our database is maintained in real time so the information you see there is current.

One additional note: I am now at Preferred Properties, 520 Southard Street. Our office is located midway between Duval and Simonton Streets. Stop by and say "Hey!".


Anonymous said...

The Captain says:

At close to $1,000 per square foot, this "hidden treasure" will remain hidden - and unsold - in today's market.

Captain out.

Gary Thomas said...

Captain: What would you pay for your own single family home in the heart of Old Town that has 2 bedrooms, 1 bath, and was totally renovated in the past two years? Would you pay less for the house if you knew that it has a large pool, outrageous outdoor shower, total privacy?

Would you pay less for a single family home than a condo of similar size in Shipyard?

If you were buying a second home that required little upkeep and had no deferred maintenance, would you pay less for a home that had just been renovated in a very thorough and dramatically understated way?

Captain, I mentioned that the owner had the home appraised just before it was placed on the market and that the listing Realtor priced the property below the appraised price. Captain, where did the appraiser err in his/her appraisal?

Just asking.



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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.