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Saturday, May 8, 2010

The Best Buy in Old Town - Key West !

I have written several times about the house at 916 Fleming Street on Millionaire's Row in Old Town Key West. I wrote about this house before when it was offered pre-foreclosure at the original asking price of $3.4 million. This property is now Bank Owned. The local "bank" is in fact a local credit union that is itself in a "Conservatorship". The bank must sell this REO asset quickly. This property was reduced to just $1,550,000 on Friday. That is not a typo. That is why I say this is the Best Buy in Old Town.

This is how the listing Broker describes this truly beautiful Old Town renovation:
"Bank owned & Drastically reduced! Designer Old Town Home with 4 bedrooms plus an office and 4 full bathrooms & 2 half baths. State of the art amenities include beautiful coffered ceilings, wood walls, sophisticated gourmet kitchen, wet bar, detached pool house/office & a full finished attic. Enjoy your pool & waterfall from your Indoor/outdoor living room finished in rich Ipe wood. Unsurpassed craftsmanship & custom designer materials grace this home including walnut countertops, built in's galore, bamboo & sea grass treatments, plantation shutters & wired for a generator. Home is currently vacant, not as photographed."
The house has got everything a discriminating owner could dream of owning. The former owner spared no cost in renovating this "ultimate" home. (Perhaps that was his downfall.) I can tell you this, you would have to spend a lot more today to replicate this house. But it would be very, very difficult to find a better location in Old Town. CLICK HERE to read the mls listing data and to see more photos of the house.

You may recall that I previously wrote about two of the estate homes located on this block that sold a couple of years back. The house across the street sold in 2007 for $4,340 million. The house two doors to the west sold for $3.6 million in 2006. All of the houses on this block are million dollar babies. Make no mistake about that!

If you follow me on TWITTER you can see some photos I took a couple of months ago that reflect the current condition of the house, except that the pool is nice and sparkly clean again. The lights and air conditioning are on and the place looks superior to just about any house in Key West.

If you have the cash to make a deal happen quickly, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. This is a genuine buying opportunity for a cash buyer that wants the best house at the best price in Old Town Key West. Don't wait until Monday because Monday may be too late. Gossip and give-away prices on great houses spread like wildfire in Key West.

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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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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.