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Thursday, June 11, 2009

416 Margaret Street - Old Town - Key West

Just Listed: 416 Margaret Street - a beautifully restored Victorian home with a legal studio apartment, pool, off street parking that is located in the Heart of Old Town Key West. This is how the listing Realtor describes this property:

"Historic Key West charm abounds this Folk Victorian home with a wonderful renovation just completed. Relax on the large front porch with beautiful balustrades and Gingerbread trim overlooking tropical landscaping. A quintessential Old Town neighborhood, 2 blocks to the Historic Seaport and 4 blocks to Duval St. Original Dade County pine lovingly restored throughout. First floor boasts 2 bedrooms, 2 full baths, and living and dining area that opens onto a covered lanai with pool and outdoor shower. A separate entrance on the second floor leads to a beautiful studio with kitchenette and full bath. With no detail forgotten, off-street parking is accessible from the lane."

CLICK HERE to see more detailed information on this listing and view some very good photos. This 3 bed 3 bath house is a total of 1630 sq ft and sits on a 3300 sq ft lot. It is offered at $1,195,000 or $733 per sq ft. This is a very good price dear readers.

I showed this house to one particular buyer from New Jersey in 2006 and again in early 2007. She was a medical doctor. She loved the house. But she was fearful of how much renovation would cost. She found a dozen reasons not to buy the home she absolutely fell in love with. It is available again. It just costs a lot more. And it has the new roof and electrical upgrading it needed. It got the pool you wanted and the off street parking. But it still has all that charm that lured you back four times to look.

The house is located mid-distance between Eaton and Fleming Streets, so there is quick access to the restaurants and shops nearby or at the Historic Key West Seaport (2 blocks to the north) or Duval Street (four blocks west). If you are a buyer looking for a second home with a little income to help defray the cost of ownership, this may be your dream home. In addition to not needing any work to make it "livable" (that has already been done with pizazz!), this place has a legal second floor apartment with a separate exterior entrance. That apartment is large enough to accommodate one person very nicely. And the prospective tenant could be your eyes, ears, and physical presence for times you can't be in Key West. The rent would help defray the cost of home ownership.

I took a couple of photos of the houses on either side of 416 Margaret Street. This is the house to the south CLICK HERE. Little Lopez Lane separates 416 Margaret from the THIS HOUSE to the north. The house directly across the street at 415 Margaret CLICK HERE sold in 2006 for over $2.6 million. Great house to have as a neighbor. There are some condos, guest houses, and small stores in the immediate area. This area is real Key West. It is not Truman Annex.

There are not a lot of houses in Old Town with the amenities 416 Margaret Street offers in this price range. I think this house is going to sell very quickly. I would love to show you this house before it is snapped up by one of the many would-be buyers looking to purchase in this price range. Please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. We are an affiliate of Christie's Great Estates. Come Buy with Me!

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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.