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Monday, May 10, 2010

1419 Eliza Street - Key West - Short Sale

1419 Eliza Street - Key West - Short Sale
Almost every second home buyer dreams of having a second home in Key West wants the potential place to be located in Old Town. The reality is that Old Town does not have that many houses and it really doesn't have that many houses in the price range most potential second home owners want to pay. I always ask new buyers to tell me what they want in their dream home and what they expect to pay. When I show them what is available in the price range, most shrug their shoulders and accept they may have to accept less or pay more.

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.


Anonymous said...

You often tell us how markets work...well, this house is not "worth more" or "worth less" will be worth precisely what a willing buyer willingly pays for it with real actual money. No? Si?

Gary Thomas said...

I think the asking price on this house is too high at this time.

I think this house will sell for a much lower price within a short period of time.

I think this is a very nice house in a good location and that over time whoever buys this house now will make out very well over the long term.

This is a much better house than a lot that I have seen.

Whoever gets this house is going to be getting a good deal.


Anonymous said...

Not a great location - lots of homes on this street are either in distress or in need of repairs. It did flood during Wilma.

Gary Thomas said...

The listing agent disclosed that the property did have water during Wilma and also said the floors were replaced.

Tennessee Williams former home is 2 blocks south. He loved the location.

I wrote about another nearby house called Casa Rojas. It is one of the very best houses I have ever been in anywhere-including some great homes in Aspen.

If the house at 1419 Eliza was located let's say in the 500 or 600 block of William, the house would be priced at just a tad under $1,000,000. That is a fact.



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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.