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Friday, November 14, 2008

2301 Linda Avenue -- Bank Owned -- Key West





You know the house by the photo to the right. It's that Big "A" Frame house at 2301 Linda Avenue -- just one block east of the Key West High School on Flagler. This 4 bedroom, 3 bath house has 2980 sq ft of living space and sits on a very large, if oddly shaped, lot of 11,930 sq ft. This huge property is BANK OWNED and PRICED TO SELL. The asking price is only $459,900 or $154 per sq ft. CLICK HERE for more info and more photos of 2301 Linda.

Forget about the architecture. Look at the price. This is one of the largest building lots in Key West. My suggestion: buy the property, tear down the existing structure, and redevelop the site. Better yet, buy the adjacent building lot at 2303Linda and redevelop both parcels at the same time. Buyer will need to verify that 2303 Linda either has existing building rights or that Buyer can acquire rights and transfer those rights to the property. 2303 Linda is a 7048 sq ft lot and it is priced at $349,000 or $50 per sq ft. CLICK HERE for more Info on 2303 Linda. The property at 2303 Linda is not bank owned.

The combined square foot on both parcels would be 18,978 square feet. That could make for an impressive development. CLICK HERE to view other building lots currently available for sale in Key West. Compare the price per square foot among other features to determine the best buy for you.

It is very easy to show both properties. Please call Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com.

3 comments:

Anonymous said...

The Captain says:

Gary, I like you. You think outside the box. (And I notice you're blogging more frequently with your new office. That's a good thing.)

But honestly "redevelop" this Linda Avenue property? Into what? Certainly not a single family. Apartments or condos in this market, I don't think so. The thought is a good one in normal times but normal times these ain't. The current market coupled with this less than desireable location have doomed your otherwise good idea.

Captain out.

Anonymous said...

Captain I like how you speak the truth about this market. Or what little market there is left. No one is developing in Key West as there are no buyers and no funding. Projects are left awaiting funds and resources and so much is at a stand still waiting for the market to recover. Real estate is down down down and to see a property outside of Old Town trumped for a re-do is 2005 thinking not today.
Over and out.

Gary Thomas said...

This is a huge piece of ground with a good sized house and a large pool. A buyer can probably get it for a song from the far-away bank owner.

The new owner could use it for a few years and then redevelop the property then.

I know there is no market now.

Good stuff is not selling at value. So that's why I think a place that looks like this might be a good investment for someone who thinks Key West has a future.

Key West is not like Miami or Ft Lauderdale. You can't keep moving to the west and create new places to build. You can't tear down existing housing to build high rise towers. So when you do get a chance to get a huge piece of ground at a good price, I see opportunity. For someone.

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.

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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.