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Thursday, March 11, 2010

916 Fleming Street - Bank Owned - Millionaire Row

916 Fleming Street Key West Bank Owned $1,720,000

Master suite with separate sitting area followed by bedroom at rear

Dramatic master bedroom suite

Coffered ceiling in downstairs study with adjoining bath

Downstairs study with adjoining bath - could be guest room as well

Photo when house was price at $3.4 million same house today!

Photo when house was listed at $3.4 million

Photo when house was offered at $3.4 million - same house today- better price today!

Just Listed, 916 Fleming Street on Millionaire's Row in Old Town Key West. I wrote about this house before when it was offered pre-foreclosure at the original asking price of $3.4 million. That is not a typo! This property is now Bank Owned and it is priced to sell quickly at $1,720,000 or $652 per sq ft.

This is how the listing broker describes 916 Fleming:
"Bank owned & Drastically reduced! Designer Old Town Home with 4 bedrooms plus an office and 4 full bathrooms & 2 half baths. State of the art amenities include beautiful coffered ceilings, wood walls, sophisticated gourmet kitchen, wet bar, detached pool house/office & a full finished attic. Enjoy your pool & waterfall from your Indoor/outdoor living room finished in rich Ipe wood. Unsurpassed craftsmanship & custom designer materials grace this home including walnut countertops, built in's galore, bamboo & sea grass treatments, plantation shutters & wired for a generator. Home is currently vacant, not as photographed."
I acknowledge that the real estate market in Key West has changed dramatically in the past five years and that the prices some buyers paid then may not be reflective of what they would pay today, but the intrinsic value of certain houses and certain locations has not diminished. Location is always a critical factor in determining value. When I wrote about 916 Fleming Street way back in 2008 I said "The home two doors west at 908 Fleming recently sold for $3,600,000 ($1,158 per square foot) and is undergoing a massive remodel. That house is huge and sits on a huge lot. The house across the street at 911 Fleming sold in 2007 after 120 days on the market for $4,340,000 or $1401 per sq ft." The owner of one of those houses has been purchasing other houses in the immediate area after the initial purchase. That owner definitely knows the value of this particular block.

I have shown a lot of houses in the $1.7 million price range. The house at 916 Fleming Street has to be at the top of the homes in this price range. CLICK HERE to see the mls listing info and to view photos. The former owners put a lot of money into building this house. It has features you just do not see in a property priced at $1.7 million-and higher! Somebody is going to get a terrific deal on this.

If you are interested in discussing this house, please call me, Gary Thomas, 305-76-2642 or send me an email at I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. I may be really wrong on my prediction, but I think this house is going to sell very quickly.

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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.