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Saturday, March 27, 2010

Beautiful Arts & Crafts Style House - Bank Owned - Key West

This Old House as it looked in 1965
A local bank recently foreclosed and now owns the old house pictured immediately above. The old black and white photo was taken in 1965. Until a couple of months ago this property looked a little worse for wear. The years took their toll. Owners came and went. And then the lender did what lenders do when loans are not repaid as agreed: it foreclosed. But instead of letting a decent asset sit and fester like a lot of Big Banks that are Too Big To Fail do, the local bank did the unthinkable: it fixed it up. Not a little but not all the way. But it did enough to make potential buyers see the real potential of this very attractive arts and crafts style home that was built in 1943. Take a look at her now, below.

Above Photos taken March 25, 2010 - Key West

This property is located on Simonton Street near Truman Avenue. It is zoned HNC-1 which is short for Historic Neighborhood Commercial-1. Uses for this zoning include include residential (including single family, duplex, and multi-family) and limited commercial including professional offices, banking and financial services, personal service shops, specialty shops, limited retail, transient accommodations and guest cottages. Rather than rely on what I write, do your own investigation to determine suitability for the use you intend. CLICK HERE to read the City of Key West zoning ordinances and consult with your own attorney. Just because some use may be permissible does not mean you will necessarily be able to do what you want.

Photo from kitchen looking through proposed bath No. 2 and into second bedroom

Photo from living room through dining area with kitchen beyond

This 1204 sq ft building (County Appraiser records) sits on a corner lot (47.33' frontage X 58.07 ' deep or 2,756 sq ft). The building has just been painted and it looks fantastic. The roof is new; the front railing on the front porch is new; the retaining wall is new; the electric is new. All of the windows are original. They all work properly! The contractors working on this house did a really professional job on the projects they did, in my opinion. The interior is currently framed for three bedrooms, two baths, and a kitchen. A laundry closet already has been framed and plumbed and awaits drywall.Extensive building plans are available. It looks to me like the interior spaces could be changed fairly easily. But I'm not builder so any buyer needs to determine how "easy" easy can be and how expensive "easy" can be as well. There is one off street parking space. After the interior is completed, put up a nice fence, add some nice plants, and you could have one sweet looking old house in Old Town Key West. Although it is doubtful that you could get a transient license, you could rent this house as a legal vacation rental. It's proximity to Duval Street with three bedrooms and off street parking make this a great candidate for such a rental in my opinion.

This arts and crafts style house is Bank Owned and is offered at $500,000 "as is". Please contact me, Gary Thomas, 305-766-2642 for more information. This property is not in the mls. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

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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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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.