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Wednesday, March 3, 2010

Opportunity Knocks - Shipyard Condo - Key West

The front porch at 106-9 Southard Street overlooks the park-like setting in Shipyard Condos

Impressive view when you enter the second floor unit

Expansive views from the second floor deck with French doors from Bedroom and Livingroom

Take a left at the end of the walkway an go to Ft Zach Beach or right and end up on Duval

Just Listed, but not by me, 106-9 Southard Street which is a second floor end unit that is in pristine condition. I looked at the unit for an aggressive investor who decided it wasn't cheap enough for him. So I want to share my thoughts with my readers and let you know why I think this particular condo may be a good deal for you. Let's start with the listing Realtor's comments and move on to mine.
"Pristine and beautiful end-unit in highly desirable Shipyard condominiums at Truman Annex. Fully furnished and turnkey with Ethan Allen furniture, flat screen TV and high quality finishes, this unit is a great second home or rental property. Meticulously maintained with open floor plan, second floor unit with attic storage. Huge private deck overlooking Shipyard Gardens offers privacy and outdoor living. Property is located in the center of the development away from street for maximum peace and quiet. Eligible for Truman Annex transient license. Within walking distance of beaches, restaurants and nightlife. A Quiet Oasis in Old Town Key West."
I arrived at the unit at noon just as a light rain began. The building is located just next to a wide and richly landscaped park-like expanse that is part of the common area for the Shipyard Condominiums. This setting provides one of four walkways for residents entrance into the condo develeopment. The gated parking entrance is two blocks away on Thomas Street. This park like entrace is located opposite some of the uber expensive single family homes and less pricey town homes. Take a left at Southard and walk five minutes to Ft. Zachary Taylor Beach or take a right and walk three minutes to the east and you are on Duval Street. But sit on the second floor balcony and just veg-out. What a pretty and quiet place it is.

This unit is and always has been a one bedroom unit. It has never been used nor abused by renters. The current owners have used this place as their private weekly getaway from Miami every weekend for over 12 years. The place is just immaculate. And everything you see in the mls photos is included in the purchase price. CLICK HERE to review the mls listing info and view the photos provided by the listing Realtor.
106-9 Southard is offered at $349,000. For value comparison I suggest that you CLICK HERE to checkout the sales info on a similar one bedroom unit in Shipyard located at 620 Thomas Street, Unit No. 161 that sold and closed on Monday, March 1st. And if that doesn't help you, look just below to see how quickly the Unit No. 161 sold:

Date Time New Status Old Status New Price Old Price Selling Date DOM Change Type
03/01/10 2:22:27 pm Sold Pending 325,000 359,000 03/01/10 2 Price/Status
02/05/10 11:46:02 am Pending Contingent 359,000 359,000 2 Status
01/22/10 10:07:16 am Contingent Active 359,000 359,000 2 Status
01/20/10 8:39:58 pm Active 359,000 0 0 New

106-9 Southard Street can get a valuable Shipyard Transient Rental License which offers the opportunity to rent on a weekly bases. The listing Realtor sent me a guestimate as to what a potential buyer might expect to earn from rentals:
"... they rent for approximately $1600 per week in season and $900 per week off season. The special transient license in Shipyard allows for a maximum of 26 weeks and an unlimited number of monthly rentals (or a combination of weekly and monthly) The license is valid for 20 years (we are in year 3)....(deleted) indicated that a similar unit he has earned about 30,000 in gross income."

It takes time and marketing to get a new rental to make money. So what you as a buyer could actually earn could be much less. And you need to understand that the unit might not appeal to a wide universe of budget minded travelers that share condos like pack dogs with four to six people staying in a two bedroom unit that is priced cheaper than a hotel room on or near Duval. But that could be a good thing for you as an owner-not having four to six people living in a small unit with one bathroom. Think about it.

But if you are looking for a place for just you and your sweetie to use and have no intention to rent out, ever, this charming unit might be just the ticket. I think this place will sell quickly. So if you are interested, please call me, Gary Thomas, 305-766-2642, or email me at I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida where today the sun is shining like it is supposed to. The town is starting to fill up with college kids and oldsters looking for a sunny spring break 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.