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Monday, November 16, 2009

512 Margaret Street - Old Town - Key West

Attention Bargain Hunters: Just Listed (but not by me) 512 Margaret Street priced at only $739,000 or $505 per sq ft. That's a lot of money, but this is a lot of house for the money. It was built in 1889 and has 1462 sq ft of living space. It sits on a tight lot (1560 sq ft or 24' X 65') on one of the better blocks in Old Town Key West. CLICK HERE to read the detailed info on this house and view photos of the interior and pool.

The absolutely beautiful house next door at 510 Margaret Street is listed for sale at $1,590,000 $815 per sq ft CLICK HERE to view. That house is bigger and has a separate guest cottage, but I offer it to support my statement about the location. And if you know the location you know that super chic Scheppens Lane is located at the rear of both houses. Another absolutely charming house I wrote about before that is located at 416 Margaret Street CLICK HERE recently increased had a price increase and it is now offered at $1,240,000.

This is how the listing Realtor describes 512 Margaret Street:
"Beautifully renovated and restored Historic Home in one of the most desirable Old Town Key West neighborhoods. Attention to detail and beauty are the hallmarks of this historic treasure. Dade County pine walls, gorgeous wood floors, large master bedroom with vaulted ceilings, en-suite bath and room for a king size bed. Two large bedrooms plus a bonus home office area, chef's kitchen, and elegant crown molding. Wonderful outdoor spaces including two covered porches plus a sexy open porch off the master suite for morning coffee or sunbathing. Heated pool with comfortable deck area. Walk to Key West Seaport, restaurants and nightlife. An Old Town Historic Treasure For The Most Discerning Buyer"
View Larger Map">GOOGLE MAPS a good aerial perspective of the area. Michael's Restaurant is up at the corner at Southard Street and Mangia Mangia is located across the street. Azur Restaurant is located one block away at the corner of Fleming Street and Grinnell. The Historic Key West Seaport is two blocks north of that and Duval Street is a five minute walk.

So many second home buyers want the same thing: two or three bedrooms, two baths, Dade County Pine, pool, the Key West Conch house or cottage "look", good location, and off street parking. This house has all except the off street parking. The house at 510 Margaret Street does not have off street parking either. But the one at 416 Margaret does. But 416 argaret costs $501,000 more. I created a list of other three bedroom two bath houses in Old Town that are priced at $739,000 or less. CLICK HERE to do your own price comparison. Or CLICK HERE to search the Key West MLS.

I think 512 Margaret Street may be a bargain for the right buyer. It is priced considerably below many similarly sized homes in the Old Town area. If you are looking for a home like 512 Margaret Street, please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. We are an affiliate of Christie's Great Estates.


Anonymous said...

Gary- Can't you find me one like this with a bigger private yard and a little bigger pool for 550K?

Maybe the one on Reynold Street in Casa Marina? Have you been thru that one?

Gary Thomas said...

Anon, If you are referring to 1317 Reynolds, I wrote about that house earlier. Search the blog. No comparison, however.
If you are referringto 1305 Reynolds, I wrote about it as well. It also needs a renovation even though it is only about 30 years old.It has a big pool and rear area. The house is a ix of old and new and that seems to throw off people who want the genuine old key west house. And since it is new, it throws people off because it trys to look old. Room usage is "common" and doesn't really have any pizazz. Those things can be fixed but they cost money.



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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.