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Friday, January 30, 2009

614 Frances Street - Key West - Short Sale





This is how the listing Realtor at Preferred Properties describes 614 Frances Street:
"Three units on a wonderful block in Historic Key West. All units have private outdoor space. Rented on a month to month basis. Studio, a one bedroom loft, and a one bedroom with loft. Storage shed on back of property. Room for a pool. Live in one unit and allow the rents from the other two units to assist you in living in Key West! Hurry priced right." CLICK HERE for more detailed information and photos.

Let me add that this really cute sawtooth house at 614 Frances Street is offered at only $749,000. The lot is very large and totals 3627 sq ft (90.05' x 40'). The highest and best use for this house would be to renovate it, put in a pool, and live the Life of Riley. This place is just aching for some tender loving care. It has not been abused. It looks just fine "as is". And it is perfectly livable just as it sits. It had a 1970s'ish Hippie Renovation. Some far out stained glass was incorporated into the property. I do not believe every house needs to be dragged forcefully into the 21st Century by adding stainless steel and granite kitchens, vessel sinks in baths, and all of that other silliness. But a real nice and clean redo with the addition of a pool would seal the deal on this already sweet place.

Look at the surrounding houses in the two top photos above. I refer to these types of houses as "great houses". The grounds on these particular houses stretch all the way to Ashe Street where the guest cottages are located. No need to worry about those neighbors dragging your property values down. Off to the right of 614 Frances is Roberts Lane. It extends about 200 feet where it dead-ends. That translates into more quiet. Most of the other houses on this block are much larger than 614 Frances so this house might be considered by some as the worst house on the best block. And in a normal economy that usually translates into opportunity for property appreciation.

But we are experiencing a difficult time in our entire economy. 614 Frances Street is offered as a short sale. A short sale occurs when the lender permits the property to be sold for less than the remaining balance on the mortgage loan. The lender in this particular house (614 Frances)is a local bank, so the possibility exists for getting a quick response.

There is another multi-unit property also offered as a short sale that is located just a little over one block away and on the other side of Frances Street. I have shown it as well. CLICK HERE to see 719 Frances Street. It has been used as a monthly vacation rental. It does not have a pool. That house has great views of the Key West Cemetery. I am not being facetious. I love properties that face the cemetery. Frances Street is very wide at this location, the views are big and bright, and the neighbors are quiet. There are no parking struggles either.

If you are looking for an investment property in Old Town Key West or maybe looking for that "worst house on the best block", please call me to see either of the two houses mentioned here. (Or any other property!) Please call Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. Don't wait too long, either. The listing Realtor told me he has shown this property five times in the past week. You snooze, you lose. P.S. the temperature in Key West was 82 degrees at 11:00 AM. Jealous?

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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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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.