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Thursday, August 6, 2009

Affordable & Adorable - Key West Short Sale

The adorable cottage at 1109 Margaret Street in the south area of Old Town Key West just became an affordable short sale buying opportunity. This is how the listing Realtor describes this special Key West Cottge:
"New in 2004. Sweet, easy care, low maintenance cottage in Old Town, perfectly situated in quiet neighborhood, just a half block from El Siboney and only 5 blocks from Duval. Inside:vaulted ceiling, granite counters, polished concrete floors with one bedroom and full bath down, ladder to stand up loft bedroom or den plus private outdoor shower. Very private back yard and charming 1910 block perimeter walls create exterior interest. CBS building, hip metal roof and off street parking for one car in an X-500 zone, so mitigation credits for windstorm and no flood insurance required. Ideal pied--terre as an in town 2nd home, or perfect little gem of a starter home."

Somebody is going to snap this up in a flash. Here is why: the place has nice street presence and yet it is totally private. Off street parking and the gated entrance set off1109 Margaret Street from most Key West houses and really distinguishes itself from places in the same price range. The listing Realtor says the cottage has 763 sq ft of living space (on par with a large Shipyard unit for comparison purposes) and that it sits on a good sized lot 30' x 70' or 2100 sq ft total.

This place is as cute as it can be. The living area has a huge vaulted ceiling and the room opens onto the rear of the property. There is more than adequate room for a good sized pool. The rear yard provides total privacy so swim alfresco. CLICK HERE to view more detailed listing information and see the photos of the interior of this really cute place. I took the exterior photos this morning. The sky was overcast and rain is on the way. 1109 Margaret Street's facade tricks the eye into believing the property is more old world than new Key West. CLICK HERE to see a photo of the equally charming but larger property next door to the north.

1109 Margaret Street is offered at the price of $399,000 or $523 per sq ft for a real house in Old Town Key West that is 5 years old.. The listing Realtor advises that the current lender "is set up to accept an offer quickly, verified by their independent appraiser". The location is convenient to so many of the reasons buyers prefer Old Town for a second home. This cottage may appeal to that single person of couple who want a place to escape that is priced within reason and that does not require any additional "fixing".

If you want to see 1109 Margaret Street before it is history, please call me, Gary Thomas, 305-766-2642 or contact me by e-mail at I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in sunny Key West, Florida. If you snooze you will lose on this place.

1 comment:

Anonymous said...

still to high


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

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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.