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Friday, June 19, 2009

1216 White Street - Bank Owned - Key West




Good news for those of you who looked at 1216 White Street but lost out on the bidding war. This Bank Owned property is back on the market.

I've shown this house several times. I think this property 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. Work was started. But then it stopped. The improvements are not complete. The kitchen needs to be replaced and the floors need to be repaired. Some piers probably need to be replaced. A competent home inspector or contractor can tell you what needs to be done and how much it will cost to complete the renovation.

1216 White Street has a huge yard on the side and rear. I'm talking about the potential to create a really beautiful pool with a spacious garden area. There appears to have been off-street parking where the current boarded-up garage sits. There is a new sidewalk with no curb cut. There may be photographs or city records that would provide evidence to enable a new owner to get that curb cut put back in place. All of a sudden, that ugly little garage comes down and the property has off street parking and gated access to the new pool and garden area.

1216 White Street is now offered at $329,900 or $251 per sq ft. The house is 1357 sq ft according to County Records. But the lot is enormous--5807 sq ft. The location is good in my personal opinion. The street is busy in the daytime. But it is pretty quiet after 6:00 PM. The property is convenient to the beaches a few blocks south and Old Town a couple of blocks to the north.

As I mentioned, this property is bank owned. The Seller requires all offers must be pre-qualified.

CLICK HERE for more detailed information and photos of 1216 White Street. If you want to see this property, please call me, Gary Thomas, 305-766-2642.

3 comments:

Gary Thomas said...

June 19th--Quick update.
This property went back active on June 16 at 10:15 AM. I went "pending" at 4:51 PM today, June 19th.

I can't stress the fact that buyers need to stay on top of bank owned properties and have an agent that is working for them.

This house is/was a great deal. The current contract may or may not close.

Buyers need to be on their toes and be prepared to buy if and when the opportunity to snag a bargain happens.

Gary

Anonymous said...

Hey Gary,
I was in Key West this morning for a meeting and thought about giving you a buzz to meet you, but time just did not allow for it. I did a quick whirl around town before I headed out and drove by a bunch of houses I've seen online. What a different perspective seeing it in person gives, as compared to only photos online! An important fact to remember as one salivates over carefully framed photos of real estate listings! LOL!

Anyway, just wanted to say "hi" online since I didn't get to meet you in person!

Diana in Citrus

Gary Thomas said...

Diana, Thanks for the nice comment.

It's funny how some photos can make a property look better than it really is.

But some photos in some listings actually do not show how great some properties are.

I am amazed at what a poor job some listing agents do in promoting their listings. The Internet is a great sales tool and we as Realtors ought to use it effectively.

Gary

Disclaimer

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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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.