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Sunday, November 22, 2009

605 Free School Lane - Old Town - Key West



Just re-listed, but not by me, 605 Free School Lane in Old Town Key West. The asking price is $1,375,000. Read on, Dear Reader. This place makes money. This is how the listing Realtor describes this property:
"Just completed renovation from top to bottom: This beautiful transient licensed home situated at the end of a quiet dead end lane in the heart of the historic district is currently being used as a vacation rental. The spacious floor plan includes a main level bedroom and bath, large galley style kitchen and great room with French doors that open to a large covered porch. Upstairs are two enormous master suites with French doors to a partially canopied balcony overlooking the landscaped yard and pool. Features include high ceilings, wood and tile floors and heated pool. The property is being sold beautifully furnished."
The house has got a lot of really great things going for it. First, it is hidden away on a quiet little lane behind the Hotel Marquesa and next door to Nancy's Secret Garden. Those two neighbors mean that the property values will never go down because the adjacent owner will always maintain their property. Second, the house was built in 1984 and has recently been renovated. It is used a legal vacation rental and it has the requisite Transient Rental License. Third, the house is almost always rented. That means that it is almost always producing income to help pay ownership expenses when the property owner is not using the property. This is the exact proto-type of house most second home buyers envision when they think of buying a second home in Key West--a place with a pool and a good location.

When you enter the gate from Free School Lane you first see a lush yard with free form heated pool and then you see the beautiful 2 story home with an inviting large covered front porch. The first level features a great room, large galley style kitchen, bar area, full bath, bedroom and tile floors. There are French doors on either side of the great room that allows pool and tropical garden views. Upstairs are two enormous bedrooms with private baths, vaulted ceilings and wood floors. All rooms throughout the home have French doors opening to the outdoors. You won't believe the views from the second floor. They will make your friends green with envy.

The house is in the heart of Old Town, but it is located on a quiet lane. It produces income to defer the cost of ownership, and it is always rented. It really produces income. It is totally furnished, and it even has a list people with advance reservations waiting to spend their vacation in paradise in what could be your second home. Interested, then CLICK HERE to view more info and see interior and exterior photos of the property. Please call me, Gary Thomas, 305-766-2642, or contact me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. Since the house is always rented, advance notice is required on all showings.

6 comments:

Anonymous said...

I wouldn't go this far,
"Those two neighbors mean that the property values will never go down because the adjacent owner will always maintain their property"

Nancy's getting old and who knows what will happen in the future there.

As for the Marquesa, it's nice now, but business is never constant.

Buuuut, that aside, I agree, this is a wonderful home on a beautiful block. You really can't beat this location and still achieve the quiet this place has.

Anonymous said...

Nancy's Secret Garden is getting neglected, true.

I stayed at this home when Historic Hideaways had it as a vaction rental and no matter what renovated it is a very dark house. The pool is somewhat small and all the lush overhanging trees makes for a dark and dank pool full of algae and a house that gets very little sun. It is also an OLD house and unless they have torn down every wall to stud, rebuild all electrical, plumbing (and I hope they have better water pressure now) and anything else, it is still and OLD house - smells, creaks and all.

I can't say the price is appropriate for this old house. I wasn't thrilled with the place when we rented it and every time I come back to Key West I don't stay there - I wonder how many repeat vacation rental guests it gets? And who has it now as a rental?

Gary Thomas said...

Anons: The Marquesa is a great neighbor. The cheap rooms go for $330 per night and the junior suites rent for $495. The clientele is classy and the place is immaculate.

The property was built in 1989 and it is not OLD and rundown.

605 Free School Lane rents between $450 to $790 per night and $3,010 to $5,530 per week.

Gary

Anonymous said...

Marquesa is a great neighbor... for now.

There are only two things in life that are certain... death and taxes.

Anonymous said...

I wasn't saying Marquesa was run down - just 605 Free School Lane! I stayed there in 2002 and 2003 and it was old and smelly then not to mention very dark. I wouldn't recommend it to anyone as a vacation rental unless they have done some MAJOR renovations and that would include cutting down a lot of foliage and redoing the major systems in the house (plumbing or lack of water pressure, electrical, roofing, siding, flooring, etc). It was pretty in pictures but not in real life.

Gary Thomas said...

Anon. I know you were referring to 605 Free School Lane, but you said it was an OLD house. I corrected and said it was built in 1989.
I agree it was getting tired and the owner just renovated the property.

I could say a lot of negative things about a lot of houses I write about. I don't do that. I want potential buyers to look and make up their own minds among competing properties and competing prices. This particular place brings in a lot of cash. And cash is what a lot of buyers want when they think of buying a second home that can help pay for itself.

I do agree with you about the trees. But they can be trimmed back.

The location and income on this property are hard to beat.

Gary

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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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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.