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Monday, March 29, 2010

Bank Owned - Compound - Transient Licensed - Key West

726 1/2 and 728 Passover Lane - Old Town - Key West - Bank Owned!

Don't let the location across from the Key West Cemetery scare you!

Just listed - 726 1/2 & 728 Passover Lane in the Heart of Old Town Key West. This is how the listing Realtor describes this two home compound:
"Amazing BANK OWNED property with transient license in prime Old Town location near Solares Hill. Two combined properties offer a total of 3 bedrooms on a 5425 square foot lot, 2 off-street parking spaces, pool and lush tropical grounds. Main house (728 Passover) is a 2/2 with a transient license for great rental potential; guest cottage (726 1/2 Passover) is a 1/1 and may be rented monthly. Must be purchased as one combined property. A Tropical Oasis in The Heart of Old Town Key West."

In 2006 a different listing agent offered the same properties but at the much higher asking price of $2,049,000. This is what he said then:
"Lush. Tranquil. Historic. These superlatives are often used to describe 728 and 726 1/2 Passover Lane. These two exclusive Old Town properties are being offered together creating the perfect island oasis. 728 Passover Lane features a 2BR/2BA with ample LR, DR and kitchen with French doors leading to a custom deck and pool. Plus a transient license. 726 1/2 is a perfect pitch compliment offering a 1BR/1BA with separate loft space, galley kitchen, LR and hot tub. Both homes are nestled in a large, exotic tropical garden with off-street gated parking for 2 cars. Both homes have been recently tented and painted. Properties have averaged over $100K in gross rents for each of the past 4 years."

I had the opportunity to see these houses yesterday afternoon. I never had anyone who wanted to look at them when they were priced so high. The listing agent said he had about 60 people attend his open house yesterday. And at the current asking price of $975,000 I can see why.
CLICK HERE to read the mls listing info and view accompanying photos. But read on.

I sent an email late yesterday to a couple of my buyers looking for a place in Old Town with a Transient License. I think this property has some real upside potential as far as price appreciation and income production. This is my impression: both houses look like they were redone in the late 70s or early 80s. The houses are hidden behind an ugly fence that needs to go. So do a lot of the overgrown trees that make the exterior so dark. The grounds are very large but seem overwhelmed by all of the foliage.

The exterior has way too many canvas awnings in lots of places. The front entry at 728 Passover has an awning that is totally out of character for a house in Old Town. My suggestion is to edit the outside and develop a new land use plan that builds on how the houses relate to the street view, the private view in the rear with the existing pool, spa, and entertaining areas.

The inside has some very attractive nooks and crannies and very inviting features. But the spaces are a bit confusing. I had to go outside the front door of 728 to walk around the house past the pool to find my way into 726 1/2. (I later discovered I could have gone in the front door, but there were so many trees I missed seeing the entry.) The kitchen and dining area at 728 Passover are really sweet. The living room and downstairs bedroom are large but both seemed so dark because of the overgrown trees and canvas awnings. The house at 726 1/2 is laid out most oddly in my opinion. I am not "dissing" this place. I think it would be a great buy. But somebody is going to have to do some work and spend some money to spruce up this compound. The time and money should reap big dividends.

This property is located directly across the street from the Key West Cemetery. Don't let that spook you. This is a great location. Most of the properties in this area are either single family homes that are owner occupied but several are rented as legal vacation rentals. Parking is never as issue even though parking is only allowed one side of Passover Lane. I am not being cute when I say the area is quiet. It is. When the tourist parade stops around 5:00 PM, this area is super quiet. If the trees on this property were thinned out, the ugly fence replaced by a proper white picket fence, and both houses were painted a crisp white and shutters added, this two home compound would pop.

If you would like to see these properties, 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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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.