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Wednesday, January 13, 2010

919 Southard Street Renovation Project - Key West



I wrote about 919-921 Southard Street a few months ago. It is still sitting there, unsold, on a great block in the middle of Old Town Key West awaiting someone with a creative eye and a big billfold to turn this property into something really special. The new asking price on this property is now $569,000 or $365 per sq ft.

The listing agent describes this property this way:
"Charming location and charming price on wonderful Southard Street. 3 legal units could easily be converted back to single family for the creation of a wonderful estate. In heart of Old Town and midst of multi-million dollar properties! House sits on one side of Double lot which provides room for expansion. In Bank Trust. Sold AS IS; Current incomes are month to month as follows: 1. 2/1 Rear down $1100 2. 1/1 down $900, 3. 1/1 up $850. Owner pays water sewer, and garbage."
I have shown this property a few times. It has been carved up and chopped up into small apartments. They work okay, but the location and size of the lot really ache for a new house to compliment the location. Cost of renovation is probably too expensive to make a remodel efficacious. The apartments would still be small and the rent one would get could not justify the effort or money.

But I think the location does justify spending money to demolish as much of the existing structure as HARC (Historic Architecture Review Commission) would allow. I'm thinking everything behind the facade should get demolished. The lot is very large (51' X 100' or 5075 sq ft). There is plenty of room for a large new single family home, pool, garden, and off street parking.

CLICK HERE to read the mls listing info and see more photos of 919 & 921 Southard Street.

If you are looking for an investment property or a renovation project, this is a place you might want to look at. Tenant occupied so advance notice is required. Please call me, Gary Thomas, 305-766-2642 to schedule an appointment. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

1 comment:

Anonymous said...

Renovate, rent and relax! Renovate all or one of the units, use it for your home away from home, and have the rental income to offset expenses.

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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.