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Friday, May 21, 2010

527 Fleming Street - Old Town - Key West

527 Fleming Street - Old Town - Key West

527 Fleming Street in May 2010

527 Fleming Street as it appeared in 1965

Just listed, but not by me, 527 Fleming Street in Old Town Key West. This great house was built circa 1899 according to the Monroe county Tax Appraiser records. Just about every tourist in Key West has passed by this place at least once. It sits across the street from the main Fausto's Food Palace midway between Duval Street and Simonton Street. The imposing house has 3912 sq ft of living space and it sits on a 4528 sq ft lot (45' x 100'). The listing Realtor describes this property thus:
"A most UNIQUE & exquisite mixed-use historic property in the very heart of the upscale Old Town Key West commercial district, steps from Duval. First floor retail space with EXCELLENT visibility; Tranquil & charming 3 bedroom/2 bath residential unit on 2nd & 3rd floors of main house; lovely pool cottage w/private patio & hot tub with TRANSIENT license. Fine, detailed craftsmanship & Dade County Pine throughout. The options are numerous: Rent the retail and cottage to pay your mortgage and live in the fab upstairs apt; OR, run your own gallery or business on the 1st floor, live upstairs and rent the pool cottage; OR rent the entire property and watch your investment appreciate. Some furnishings included. This property literally has it all!"

There are a couple of very simple points in the above description that warrant further consideration. The property is currently configured and licensed for a variety of uses including light commercial (retail), transient rental, and non-transient residential. A professional like Owen Marshall or Marcus Welby, M.D. might have his office downstairs and live upstairs and continue to rent the cottage as a transient rental. An artist might use the current shop as a small gallery and decide to live in the cottage and rent the two story living space as the transient rental. (You need to check on the permissibility of doing that, but I don't think the transient license is necessarily identified by particular rooms but rather it is identified by address. ) My advice to someone considering this possibility is to consult with a local real estate attorney.

CLICK HERE to view the Key West mls datasheet for more detailed information. This property is offered at $2,400,000.

Returning visitors to Key West love being close to the action. They like to be able to walk wherever they want and know that they can find their way home at night. They love having a nice sunny pool and cooling shade. They appreciate having off street parking. They love being able to sit on the front porch and watch all kinds of humanity walk by and have come to expect to see it in Key West on a daily basis. 527 Fleming Street meets those requirements in spades.

If you are looking for a second home or a small business in Key West and would like to see 527 Fleming Street (or any other property as well), please call me, Gary Thomas, 305-766-2642 or email me at kw1101v@aol.com. 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.





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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.