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Tuesday, May 5, 2009

800 Elizabeth - Old Town Key West Renovation Project - Short Sale

I get emails and phone calls from prospective buyers looking for a renovation project in Old Town in a "good location" where there is no worry about flooding and that has off street parking and room for a pool. The new listing at 800 Elizabeth Street CLICK HERE could potentially fit those requirements provided a buyer gets permission from the Historic Architecture Review Commission. That will not be easy.

The listing Realtor describes 800 Elizabeth Street and 624 Petronia Street this way: "A special opportunity to own 2 Old Town homes with an overwhelming total of 8 bedrooms and 3 1/2 baths presenting investment rental income potential. Located in Old Town just 2 blocks from Duval Street, the home offers numerous possibilities for large families, employee housing or use one rent one. The property features preferred elevation sitting high atop an X Flood Zone. Each home has separate electric & water meters. This is a potential short sale requiring third party approval."

800 Elizabeth Street and 624 Petronia Street is offered at $510,000 or $230 per sq ft. The house sits near the top of Solares Hill which means there is no danger of flooding. (Nothing is certain in life, but I'm pretty confident that the location will not flood.) And the location is just a two walk block to Duval Street. Elizabeth Street is a one way street so you don't need to worry about Conch Trains or Trolleys passing your house all day long.

This property is currently used as apartment rentals. A buyer could keep the current use for a few years and then do a renovation. The options are wide open.

If you are looking for a renovation project, please call me, Gary Thomas, 305-766-2642, to schedule an appointment to see this property.


Anonymous said...

Gary, is approval from HARC hard to get on renovation projects? Are they hard to please and want things to go their way or is it more relaxed?

Gary Thomas said...

The key to any renovation project is to hire a good architect and come up with a good plan--one that meets your needs and that complies with HARC requirements and city building codes.

I went before two years ago on a personal request and I got what I wanted. HARC meetings are televised and I sometimes watch just to see what is going on. The present group is very professional and gives each applicant a fair hearing. I think they try to work with homeowners--not to act as an obstacle. This is where having a good architect comes in handy. He knows how to work within the guidelines to achieve the results a homeowner wants. Or at least that is the goal.


Anonymous said...

If there is one thing I learned by living in South Miss and riding out Hurricane Katrina, it's that I will carry flood insurance on any home I live in. Whether it be in an X zone or on top of Mt. Everest.

Anonymous said...

Thanks, Gary! I plan to work with an architect when I make it down there. Unfortunately with the market in shambles like it is now that won't be happening for a while now!


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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.