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Wednesday, October 28, 2009

511 Frances Street - Old Town - Key West

Just listed by Preferred Properties (but not by yours truly), 511 Frances Street in Old Town Key West. The front porch is open and inviting. There is a chair on one side and a big swing on the opposite side. The porch provides a great view of the front yard with the white picket fence and the pretty houses that have been updated over the years.

CLICK HERE for an aerial view of 511 Frances Street. You will note it is located on the eastern edge of Old Town Key West. The 500 and 600 blocks of Frances have some of the most expensive and most photographed homes in Key West. The location is still within an easy walking distance to all of the attractions of Old Town but it is far removed from the zaniness. Maybe that it is why this location attracts buyers with money. You will note that 511 Frances Street abuts Carey Lane (one of the prettier little lanes in Old Town). The aerial view also shows the size of the lot which is pretty big for Old Town: 5,062 sq ft or 53' frontage X 97' depth.

This is how the listing Realtor describes 511 Frances Street:
"Built in 1983 is a true replica of a Key West old town home with the luxuries of today located on one of the very best blocks in Old Town. There are three large bedrooms separate from one another with unique style bathrooms, his and hers offices off the living room, and an a separate artist studio off the pool. There is a wonderful serene outdoor covered dining space for those large dinner parties surrounded by lush landscaping and gentle lighting. The interior is Dade County pine with vaulted ceilings and molding throughout. Located two blocks from the Seaport."
511 Frances Street is offered at $1,649,000 or $729 per sq ft. The house house has 2263 sq ft of interior living space. But it is the pool and rear deck where the real Key West style of living occurs. CLICK HERE for more detailed info and photos of this property.

If you would like to see 511 Frances Street, or any other house in Old Town, please call me,Gary Thomas, at 305.766.2642. I am a full time Realtor at Preferred Properties Coastal Realty Inc. We are the lower Florida Keys exclusive affiliated of Christie's Great Estates.


Anonymous said...

The Captain says:

At $729/sq ft, this property is way overpriced. I suppose it is not as bad as the realtor who listed unit 7 at the Santa Maria for $1,109,000! That unit is 945 sq ft (do the math) and a comparable unit is listed at $475k. It seems that some KW realtors are out of touch with the current market and need to rendez-vouz with reality. Quickly!

Captain out......

Gary Thomas said...

Captain, I'm not so sure it's the realtors that are out of touch.

I so much want to write about delusional sellers. There are so many that continue to live in denial.

But, Captain, there is a big disparity between old school type houses and places that are high houses in good locations. Truman & Co. has just listed several very high priced, high end houses at very top of the market prices. It will be interesting to see when and if they sell and if they sell, at what price.

My experience has been that buyers looking a high priced properties shop as aggressively and are as tight as two nuts on a Chrysler. I don't know what makes one high end house worth $1000 per sq ft when a similar house might be priced in the $400s.


Anonymous said...

Gary, This year is the smallest croweds I have seen for FF. There are a lot of VACANCY sigs out. Bussness and the tax man are hurtting. The prices sill will fall more in KW.this comming year.

Anonymous said...

Of course there are a lot of vacancies for Fantasy Fest - look at the economy! When you are taxed to death, losing your job, your investments and retirement have tanked and you can't take off your somewhat secure job for fear of dismissal or layoff, you certainly won't be vacationing to Key West for a week of drunken stupors and stupid behaviour. Get over it already - Key West and Fantasy Fest are way overrated, street crime is rampant, the town is in a slump and airfares are high. Add overpriced hotel rooms or vacation rentals and mega bucks for partying around town, you will definately feel the sting.

Key West Fantasy Fest is not what it used to be and when the tourist board, hotels and vacation home renters realize the heydays are over they may wake up to reality. That is, before they lose their precious livelyhood to foreclosure.


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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.