Friday, March 20, 2009
You do the Math - Key West Potential Deals
I thought it would be interesting to let the readers compare two similar yet dissimilar houses for sale. Both houses are often referred to as cigar maker cottages or shotgun houses. Some people call them Conch Cottages. Call them what you want. Both houses are for sale and here are the details that may make them attractive to you.
1216 White Street is located about five blocks from the Atlantic Ocean. It is a Bank Owned house listed for sale at $344,900 or just $262 per sq ft. CLICK HERE for more photos and detailed information provided by the listing Realtor. I've shown this house several times in recent weeks and I think this could make a great project for someone who doesn't mind spending some time and money turning this place into a little gem. Here's why: I am assuming the prior owner did the upgrades or improvements that exist on the house. They are not complete. The kitchen needs to be replaced and the floors need to be repaired. Some piers probably need replace, but those are things your home inspector and contractor can tell you what needs to be done. To me, those issues are "givens". But what makes 1216 White so appealing is the huge yard on the side and rear. I'm talking about the potential to create a really beautiful pool and garden area. Now, there appears to have been off-street parking where the current boarded up garage exists. There is a new sidewalk with no curb cut. But there may be photographs or city records that would give a buyer the right to get that curb cut put back in place. All of a sudden, that ugly little shack comes down and a new covered off-street covered canopy goes up. Beyond that is a fence protecting the gardens and pool beyond.
217 Truman Avenue is located in Bahama Village just west of the Key West Lighthouse. CLICK HERE to read more information and checkout the killer photos of this lovely house just two blocks from upper Duval Street. 217 Truman is priced at $599,000 or $586 per sq. ft. 217 Truman is "done" whereas 1216 White is "a fixer-upper". But both are priced in the price range acceptable to many second home buyers looking for a place in Key West. 217 Truman has less square feet than 1216 White, but White Street needs to complete the renovation.
Both properties are on streets that get a lot of traffic during the daytime. That is why I chose these two for comparison purposes. The view of the Historic Lighthouse, that sweet little pool, and the convenient walk to Duval Street should make a lot of potential buyers want to consider Truman. And the potential to create a very large pool and garden close might attract a buyer who wants a place close to the beach. Most houses in the Casa Marina area are still selling for over a million bucks. This place is about one block outside the Casa Marina area, but it is priced about $650,000 less because of its condition and location. You do the math on either house.
If you are looking to purchase a home in Key West, please consider calling me, Gary Thomas at 305-766-2642. I am a full time Realtor at Prederred Properties Coastal Realty Inc at 520 Southard Street, Key West, Florida.
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
- Gary Thomas
- 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.