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Tuesday, March 3, 2009

630 Elizabeth - Old Town - Key West - Bank Owned

630 Elizabeth Street in Old Town Key West sits at the top of Solares Hill. The public records show the house was built in 1933 but the house is much older than that. This Old House has seen better days, for sure. It has been used and abused and now it is Bank Owned. It went through that earlier Florida Real Estate Auction and went unsold. So now it is back on the market with a new listing Realtor and a new price.

This is how the listing Realtor describes 630 Elizabeth Street: "This historical building, located atop Solares Hill, was the Solares family General Store circa 1884. It sits on the corner of Elizabeth and Angela Streets just 2 blocks from Duval St. In addition to the excellent curb appeal and 2012 sq ft of living area, it has approximately 936 sq feet of bonus attic space. It is a duplex with infinite possibilities for renovation. The location and square footage make this property an investor's dream. Foreclosure."

I've shown this property a couple of times. It's gonna take some hard work and mucho denaro, but this place has possibilities of being transformed from a sow's ear into a spiffy place in a great location. Here's why. At the asking price of $321,900 this 3068 sq ft house is now affordable as a redo. The cost per sq ft is only $105 and that's incredible for Old Town. There is a crappy addition on the back that I would try to get permission to demolish and that would create space for a nice pool and deck. The house is so big that the loss of the small addition would really be a plus, not a minus. The property is such an eyesore that I bet HARC would work with a responsible buyer to restore this property.

CLICK HERE to view more detailed info and lots of photos of this property. I would suggest that you forget about what the interiors look like now and concentrate instead on tearing everything on the interior out. Think of re-inventing the inside the way it would work for you as a homeowner. Gear your plans toward Key West living with the main living area at the rear overlooking the pool and gardens. You will never have off street parking, so get over it.

This is a great neighborhood with some very expensive homes. The house is two blocks to Duval Street and three to the Historic Key West Seaport. CLICK HERE to see a photo of the area in 1970. The area has changed, but 630 Elizabeth looks like it just got a little more tired.

I can't promise that HARC or the City of Key West will let you do anything with this property should you buy it. I always suggest that prospective buyers consult with a local knowledagle architect and a builder before making any decision to buy a renovation project. But I do have good feelings that this house could be a good investment for a buyer who wants a project house in a good location at a good price.

If you are looking for a place in Paradise, please consider calling me, Gary Thomas, 305-766-2642 or send me an e-mail at Someday you could be standing on that front porch looking down on the tiny little houses and rooftops in Old Town Key West. Turn this Bank Owned REO into Your Place in Paradise.

1 comment:

Gary Thomas said...

This property was changed to "contingent" on March 11th. That means the seller has accepted an offer. That doesn't stop you from looking and maybe making a back-up offer in case the existing deal falls apart.



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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.