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Friday, February 26, 2010

707 Washington Street - Casa Marina area - Short Sale - Key West

707 Washington Street - Casa Marina Area - Back on Market as Short Sale


707 Washington Street - Offered at $1,099,000 as a Short Sale

701 Washington Street - neighbor immediately to the west

709 Washington Street - neighbor immediately to the east

When I saw that 707 Washington Street just re-appeared in the Key West mls as "active" from "contingent" I immediately thought of Mr. Bill and said "Oh Nooo!!!" And then I decided I must let my Readers know right away about this buying opportunity.

This property is technically a "remodel" since the original duplex located on the huge lot was never officially demolished. CLICK HERE to see 707 Washington as it appeared in 1965. But in reality the two buildings that occupy the space are new from foundation up to the tippy-top of the roofs. The buildings were designed by local noted architect Tom Pope. He, however, did not design the interiors.

Even though this property was built "new" (my description, my words) in 2004, the interiors (floor plans and current uses) do not work. I have shown this house to many potential buyers and all love the exterior and the location. Who wouldn't. The houses on either side are just beautiful. So is the mega-house across the street. Louie's Backyard Restaurant and the nearby Doggie Beach is a block to the south. The Casa Marina Resort and Higgs Beach are a five minute walk to the south. And Duval Street is only a five minute walk top the west.

The house at 707 Washington is a legal duplex but for all intents and purposes it is really a single family house with an added two-story guesthouse or caretakers house that is attached at the rear of the main house. The guest cottage might be better suited as a new second master suite that occupies two floors of the house.

The current configuration of the main house just does not work well. At least that is the consensus of the numerous buyers that I showed the house to. My suggestion: gut the interior and rebuild it-not the outside. This time use a good space designer and decorator. Redo the pool area as well. This house is huge. The pool area was poorly designed. The thing that works best in Key West is to have living areas that open out to the pool and garden so that the transition from inside to outside living is almost seemless. The current configuration is more that of a box with a pool located down a clumsy set of stairs.

I am not panning this house. I think this place is great. The interiors suck. Sorry to Sluggo or to whoever designed the inside and pool area. The houses as currently configured have 3257 sq ft of living space and sit on a 5300 sq ft lot on one hell of a Casa Marina location. The asking price is just $1,099,000. This is a Short Sale. There are very few houses in Key West that have this kind of space with the quality of exterior design and construction. This could be a great deal for a buyer that wants a project house. CLICK HERE to see the mls listing and view photos.

If you would like to schedule a showing please contact me, Gary Thomas, 305-766-2642 or send me an e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West Florida. Our office is the exclusive Lower Florida Keys affiliate of Christie's Great Estates. When you see the neighborhood, you will agree with my statement in the first paragraph calling 707 Washington a "buying opportunity". Don't wait.

7 comments:

Sluggo said...

I resemble that remark!

Anonymous said...

The Captain says:

The Tom Pope home on the corner of Elizabeth and Windsor Lane (also a duplex)which sold last year for almost half the price of this one was a far better home and deal.

Captain out.........

Gary Thomas said...

Captain, Tom Pope is not taking any ownership as to the interior design on 707 Washington--at that is what a buyer of mine who called him to discuss this house.

I wrote several times about the duplex you mentioned. It was a great deal. The buyers made out like bandits.Great house, great location, great price.

But it did not have the size of this house. Nor did it have as large a yard. Nor did it have the very expensive next door neighbors.

Each property is a bargain and a deal in its own right, in my opinion.

And BTW the former deal on 707 Washington fell apart for reasons totally unrelated to price or location or finances.

Gary

Anonymous said...

I believe this house is or was owned by a Key West realtor - I seem to remember the interior paint scheme and it was a real turn-off to me. I guess some people have not decorating sense or are colour blind.

Gary Thomas said...

Dear Anon, Yes, one of the owners is a realtor. He would probably not agree with your comment. But a lot of people I showed the house to do agree with you.

I think this place could be wonderful.

Gary

Anonymous said...

SO what happened? It's a short sale and is owned by a realtor in Key West? Says something for your economy down there when the realtors can't afford their home. And yes, it needs a good paint job and every stager will tell you to go neutral to sell a property. But as you post it is a short sale so the realtor owner probably can't do so or doesn't care anymore.

Gary Thomas said...

A realtor and another person own the property but no one has lived there for a couple of years. Their personal business is just that-personal.

This house needs a bit more than a paint job. There are no appliances in kitchen, some light fixtures are missing, and so on. I think this is a buying opportunity for someone looking for a big house in a very pricey location. Forget about the way it looks today and envision what it could look like tomorrow.

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.