There is an alternative and that is to look for a new place that is nearby and that either has or could have most of the features the buyer wants. The listing a 1419 Eliza Street in the arts district just south and east of Old Town is such a property. The listing Realtor describes this house this way:
"Charming Conch Cottage, with many new upgrades, gourmet kitchen, custom cherry cabinets, granite counter tops. All G.E. stainless steel appliances, with a built in kitchen island/dinning table, with seating for seven. Double sinks and large shower in master bath. Plus a third large room in detached building in rear opening on to landscaped patio."I recently showed the house at 1419 Eliza Street and was really impressed by it. The house has 1005 sq ft of very usable living space. The main two bedrooms are real-sized rooms that are comfortable. The master bedroom as an ensuite bath that is really nice. The living area and kitchen open onto each other so the cook is always part of the action. The kitchen is very attractive and is a major feature of this home. A set of French doors at the rear opens onto the bricked rear garden and the small cottage at the rear that could be used as a third bedroom. But the area may be large enough to incorporate a small pool as well. CLICK HERE to read the mls listing data and to view more photos of this really sweet home. The asking price is $499,000 or $497 per sq ft.
This home is located three blocks east of White Street and one block south of Bayview Park. The park has an old fashioned band stand, public tennis courts, lots of trees and grass. It is the place where locals meet for all kinds of civic events and celebrations. The Tennessee Williams Home is a couple of blocks south. The White Street arts district, Fausto's Food Palace, Mo's Restaurant which has a very "eclectic menu", Island Gym, and The Coffee Mill are all within a few minute walk. If you are a boater, the Garrison Bight Marina is a nearby. If you like to play in the sand but are afraid of water, the sandlot is on White Street. But if you love the water, Higg's Beach and the Atlantic Ocean are a five to seven minute walk.
Most of the homes in this area date from the late 1800s to the 1930s. The Monroe County Appraiser says 1419 Eliza Street was built in the 1920s. But everything inside is very recent. So even though the records show that this house is an "old house", it functions like a new one.
1419 Eliza Street is a short sale. The asking price is too high in my opinion. This place will surely sell for less. The house is worth more and the location merits a higher price, but the reality today is that this house will not sell for the price it is worth because of the location and the current economic downturn. A buyer that wants a nice home in a good location ought to take a look at this little charmer. It has a lot to offer.
If you would like to see 1419 Eliza Street, or any other house in Key West, please call me, Gary Thomas, 305.766.2642, to schedule an appointment. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Let me help you find your place in Paradise.