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Friday, October 30, 2009

1019 Flagler Avenue - Casa Marina Area - Key West

1019 Flagler Avenue is now offered for sale at $650,000 or $130 per sq ft. You cannot build a house in Key West that cheap. I'll grant you that it is not the prettiest of houses but that is why God created gay designers and architects. They can turn ugly into sassy with the snap of their fingers.

This is how the listing Realtor describes 1019 Flagler:
"This large 3bd/3ba house is situated on 2 lots totaling 9100 sq. ft. The home has multiple entrances which allows this property a wide variety of uses. Corporate retreat, large family home or a very stately single family residence. Each bedroom has its own bath and the living room and kitchen open onto a very large covered lanai which overlooks the very private pool and back yard. There is off-street covered parking and a detached garage. There is also a commercial rental (Doctor's office)downstairs for additional income."

I'm not so sure I would call it "stately" at present. And a retreat it is not. But the place is really big and solidly built. CLICK HERE to view the mls listing sheet and photos.

The Monroe County Property Appraiser shows this house as having 3256 sq ft of living space (this is in conflict with the mls listing) and sits on a 9160 sq ft lot (90.25' frontage X 101.5' depth). Records show the house was built in 1938. The house was originally built of Indian Block, a man made material used in several of the larger Key West houses. There is a newer addition to the front where it appears the original first and second floor porches were enclosed with concrete blocks and 1960's or 1970's era windows and door were installed. There is also an addition on the east side with a "disco" bedroom and bath. The Florida room on the ground level has iron bars on the sliding glass doors that open on three sides. All of the windows are shuttered. The downstairs front portion of the house is now used as a doctor's office. The second floor space includes a sitting room, bedroom, large bath, nanny suite, and an office. The result is godawful ugly.

This property has a covered off street parking plus a vintage garage. The kidney shaped pool is very attractive but it looks a bit dated. The rear yard needs yanked into the 21st century just like the house. The pool are garden area could be so much more without a huge expenditure of money.

I think the price reduction is a signal that the seller is now ready to sell. The asking price of $650,000 makes this property very competitive. If you are looking for a project house in a good location, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties in Key West, Florida.


Anonymous said...

prices will continue to drop and this is prof

Anonymous said...

"They can turn ugly into sassy with the snap of their fingers"

Gary, you never cease to have a witty line or phrase to add! That's why I just love your blog - you writing just flows and a treat to read!

Sassy! Love it!

Anonymous said...

Great lines will not stop the plung the econome is in so will Real Estate while the local gov will up the taxes. Next years prices will continue to drop---20% or so. Just look around. There are no jobs here in KW, The crows are down as is state tax income. The only bright light is the fact that the falling dollar may attract some froigen buyers, notic I did not say investors. Good night KW

Anonymous said...

Gary- Being concerned about location as you are, what are your thoughts on this location? Any commercial uses nearby?

Is this place in livable and rentable condition?

Thanks for your good thoughts,

Gary Thomas said...

Some people think the sky is falling and praise the Lord for it...

As for the location, 1019 Flagler Avenue is located just a couple of blocks from the Atlantic Ocean. There are neighborhood stores about six blocks away. The Casa Marina Resort is two blocks to the west. The Atlantic Ocean is two blocks south. Old Town is an easy bike ride. The Key West International Airport (I just love that name) is five minutes away. The area is quite at night. And like all of Key West, it is clean and safe.

About 1/2 of the downstairs space is used as a doctors office. The other half has a kitchen (that is old and needs updated but is livable). There is a disco bedroom with en-suite bath and a Florida room that take up the remaining 1/2 of the downstairs. Livable but not very attractive.
Upstairs is livable but spaces are odd and look like the Brady Bunch house. None of the house looks Key Westie.
The garage reminds me of a 1930's film noir set. The house could swing either way (vintage or modern).


Anonymous said...

I have to disagree with the 20% "plunge." While some homes may come down in the short term, I don't see a total meltdown of 20% across the board.

As Warren Buffet says, "Be fearful when others are greedy, and be greedy when others are fearful."

Anonymous said...

The Captain says:

For those who are not familiar with KW, this is actually a very nice area of Flagler. I have not been inside but there are some very substantial renovations of other properties nearby. I was not aware, however, of a commercial use of this property or whether that is allowed. But it is definitely a residential area.

Captain out..........

Gary Thomas said...

The use as a doctor's office is legal. Owner went before City Commission and got permission to rent it as a doctors office.I live nearby and sent written letter opposing it. It is the only "commercial" use on Flagler between White St and the Casa Marina. It should not have been permitted. I believe the doctor is an actupuncturist and that he is only open at limited times.


Anonymous said...

Interesting, RE: Doctors dispute.

Having the commercial space to lease is probably the ONLY reason I WOULD consider this property.

Although property values will increase, so will property taxes, insurance, etc. It would be nice to be able to have a little extra income to help with these expenses.

Anonymous said...

Taxes are rising in Key West. And so are insurances - especially the latest increase in windstorm rates with the insurer of last (and only) resort - Citizens. NOT a pretty picture. Less homeowners, rampant foreclosures means more property taxes for all of us in Florida but espeically us in the Key West. And yes, there are fewer here for Fantasy Fest and crime is on the rise (there has already been one fatality today at Fantasy Fest and one stabbing victim and I got that from a KWPD officer this afternoon). And no jobs to speak of is on the mark. Except for those in the service industry and you can't make a mortgage payment on tips from bartending or cleaning hotel rooms. Not a pretty picture. And yes, we have doctors and dentists and nurses but asked about how many have left paradise because of the cost of living here - far too many of the good ones leave and what is left is left. People come here to escape but far too many come here because they can't make a go of it elsewhere and know Key West is really a 'don't ask, don't tell' kind of a town where your former problems, convictions and offenses are often not discussed or examined.

Gary Thomas said...

I ought to get a cut of the commission on this. It went under contract today. Congrats.


Anonymous said...

As PT Barnum would say - there is a sucker born every minute and this house proves my point.


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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.