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Wednesday, May 6, 2009

630 Elizabeth Street - Old Town - Key West - Bank Owned

630 Elizabeth Street is a big old house located at the very top of Solares Hill. The black and white photo above has a little ^ showing the location of the house and its commanding location and view to the east and south. What you can't see in the photo is the topography. Windsor Lane drops off to a right angle and slopes gently toward the Key West cemetery two blocks to the east. This is important for those worried about flooding. It doesn't flood. It won't flood. If it did flood, the entire island of Key West would be under water. I don't think that will happen during the lifetime of anyone able to read this.

This property is Bank Owned. It has been bank owned since September 2007. There was a recent contract that failed because the potential buyer could not obtain a new mortgage on this property. So the property is now aggressively price to sell for CASH ONLY at $246,900 or $123 per sq ft. The house is 2012 sq ft and sits on a 1682 sq ft lot. As you can see from the photos above and CLICK HERE this house has no front yard. The rear yard is presently about 12 wide by the length of the property.

This is how the listing Realtor describes this property: "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. CASH OFFERS ONLY." This Realtor is very fair and submits offers to the bank owner promptly.

What I say and think doesn't really matter because my opinion doesn't count when it comes to HARC or the Key West planning department. But I think a buyer could chop off the rear addition and create enough space for a decent sized first and second floor new rear porches and still have room for a small, but real, pool. A variance may be necessary and nothing can be assured in life, but I've got to think a good plan to preserve the looks of this old house might get some massaging by HARC and planning. But, like I said, what I think doesn't matter.

Somebody is going to get a great deal on this house. CLICK HERE to read more about the property and view the photos. Here are a couple of additional pics I took this morning. Pic 1, Pic 2, Pic 3, Pic 4.

If you would like to see this house or make a sight unseen offer on this old house, please contact me, Gary Thomas, 305-766-2642 or e-mail me at The offer must be all cash and all offers must show proof of funds.


Anonymous said...

The Captain says:

Very small lot, alot of $$$ in repairs and no parking ever. Not for me. But bigger question one must ponder is "Why are there so many properties for sale on this street?" 720 #1,2,3 and 4; 800; 621; 523; 604; 616; 814; 411; 416 and 210-214. After all, Elizabeth is not that long a street.

Captain out.......

Gary Thomas said...

Captain, This is a fixer for sure. But the location and "look" of the house and the relatively "cheap" asking price make it a good renovation project in my opinion.

I used to ask the question of why there are so many houses for sale on Olivia Street. Then I figured out it is one of the longest streets in Old Town. It runs for 15 continuous blocks. Elizabeth is very similar in length and there is a big variety in pricing because of the different neighborhoods. Plural.



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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.