$649,000 or $382 per sq ft. The new asking price seems like a bit of a deal to me. Read on.
The listing Realtor describes this house this way:
"Very spacious 2 story home located in one of the most desirable neighborhoods in Key West - the Casa Marina. The open floor plan of this home includes an entrance foyer, very spacious living/dining room with french doors to a large covered porch, a galley style kitchen, half bath and a laundry room. Originally the second floor was three bedrooms and two baths but is currently a master bedroom with private bath and walk-in closet and a large second bedroom and hall bath. The upstairs can easily be converted to 3 bedrooms if desired. Both bedrooms open through french doors to an oversized porch. Outdoors is a tropical garden with meandering pathway and a large pool and deck plus a separate storage building. There also is covered parking."I think I have figured out why the house has not yet sold, and I have some suggestions as how a new owner might overcome some of the objections to the property. What I say is opinion. I may be wrong. I could be right. I am not trying to say anything negative about the property.
The house at 1305 Reynolds Street was built in 1976. The house is a CBS (concrete block structure) with what appears to be a stucco finish. There is a bit of gingerbread trim on the first floor deck and second floor balcony. The house does not seem to have any cohesive architectural style. It is part Conch-cute and the other part is late mid-century modern. In short, it doesn't know what it is.
The house has 1697 sq ft of living space with two bedrooms and two and one-half baths. The kitchen and baths are a bit dated. There is a little storage building by the pool that might make a a cute pool house. The remember the pool as being quite large and very deep. But I also recall that there is an abundance of concrete decking that seems blah and most uninteresting or inviting. The area gets quite a bit of sun. But there is also a shaded deck area to protect from getting too much sun. The rear area is just as ripe for renovation as is the inside and the exterior. CLICK HERE for more detailed information on this property and to view more photos.
The lower part of the house is hardly visible from the street. There is an old fashioned chain link fence in the front yard that is overwhelmed by tall greeny just behind it. A white picket fence flanks the front driveway. The two fences clash in style and function and both mimic the same dis-function elsewhere.
The inside of the house is very neat and clean but it comes across as very dated. The front garden hides the front facade and the rear pool area shows potential but potential always translates into the expenditure of money.
My suggestion is for a new buyer to develop a simple but current "theme" for the property. Since Casa Marina area has a mix of modern, traditional Conch homes, and arts and crafts styled homes, the house and gardens at 1305 Reynolds could probably go in any architectural direction a new buyer would want. I'm pretty sure a new owner would want to rip out the current kitchen and baths. The current bedroom and bathroom layout on the second floor is dated as well. The rooms are laid out in a linear fashion that is no longer "in fashion". Reconfiguring the bed and bath layout would do wonders for this house.
Finally, I would rework the whole exterior of the house. Nothing would be sacred. The pool is very large-perhaps too large. The concrete deck area is too big and unattractive.The rear needs to be redesigned to give the house a cooler and more intimate feel. The little storage building could become quite a pool bar. Maybe the concrete could be replaced with more garden area. The front of the property could be equally improved by removing all of the overgrown trees, shrubs, and chain link fence. The facade of the house could go modern or it could go "Conch" by adding Hardy Board siding to replicate the traditional lap siding we are familiar with in Old Town. The new owner could install a new CBS fence to insulate the house from street noise or go the opposite direction and put in a white picket fence to show off the clean new facade of the restored house. This would be set off with new and smaller shrubs and trees.
Of course all of the things I mention cost money. I don't do construction but I think a 1700 sq ft remodel ought not cost more than $200 per sq ft. That would be $340,000 added to the purchase price. The total price would be around one million dollars plus or minus. A good architect, designer, or contractor could give a better estimate of real construction costs.
If you are looking for a reasonably priced home in the Casa Marina area that has upside potential, please call me, Gary Thomas, 305-766-2642 to set up a showing on this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.