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Wednesday, January 27, 2010

1119 Catherine Street - Legal Duplex - Bank Owned - Key West


1119 Catherine Street Duplex - Bank Owned - Key West
The new listing at 1119 Catherine Street ought to sell like Hot Cakes. This property was offered as a short sale for several months and the lender was outrageously difficult to deal with. Or so I was told. Now the property is BANK OWNED. It is priced at $449,900 or $277 per sq ft.

The photo above is a bit deceptive. The photo shows a glass enclosed front porch. In real life the porch area is now part of the master suite with drywall that cleverly conceals the windows on the exterior. That deception enabled the renovator to use the interior space much more efficiently. The downstairs unit would make a really great place for an owner to live. The kitchen has higher end cabinets and tile already installed. The appliances still need to be purchased. The baths are nearly complete but are missing a couple of sinks and toilets. And the living area still needs hardwood floors installed.

Upstairs the views are just wonderful. This place is really bright and cheery. It needs a few finishing touches as well. But overall the upstairs and downstairs unit can be completed fairly quickly and cheaply-maybe $20,000 or so.

There is room for a pool in the backyard. There are some nuisance trees that will need to be removed and the pool would need to be hand dug. That happens quite often. I think the existing main level deck could be extended into the rear yard so that the depth of the pool need not be so deep. A pool and deck like that might add an additional $50,000 to your investment.

I don't do property management, but the upstairs unit would be an easy rental with or without a pool. The downstairs unit would be great for an owner live-in situation. Maybe you use the upstairs for the occasional guests instead of as a long term rental. CLICK HERE for more detailed info and to see photos.

This property is located about 50 feet west of White Street near the Island Gym and Faustos Food Palace. There is a $20 hand wash car cleaning place on the corner CLICK HERE. The area has several neighborhood restaurants, galleries, shops, three gyms within three or four blocks, grade school and the Montessori School within walking distance, and so on. Sandy's Cafe, Island City Tile, and the $35 per hour Sandbox are two blocks to the north. The Atlantic Ocean is about six blocks to the south and Duval Street is a seven to ten minute walk to the west. MAP.

If you are looking for a property like this, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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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.