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Tuesday, June 1, 2010

1215 Duncan Street - Key West Sale - Duplex

It sometimes amazes me how fast some of my readers find new deals or resurrected deals. Do any of you actually work at your day jobs? For those that were away last week heading for a needed break, the short sale at 1215 Duncan Street just got re-activated after the longtime buyer decided to walk away. This property had been under contract for over 13 months and was theoretically awaiting lender approval of the deal struck between the seller and that buyer. The approval did not get declined; it just didn't do much of anything. The buyer backed out and the seller is still looking for a buyer.

The listing Realtor (my oldest friend in Key West, in fact my Realtor when I spent years trying to find the best deal) says this about 1215 Duncan Street:
"CBS Duplex on the corner of Duncan and Georgia St. in the Bayview Park area. Both units are one bedroom. The Georgia St. unit was remodeled several years ago with new kitchen, bath, tile floors and it opens from the living and bedroom to a private patio. The other unit has Cuban tile floors, and recently installed windows."
CLICK HERE to read the mls data sheet and see the accompanying listing photos. The facts are fairly simple: The duplex was built in 1963 and is of CBS (concrete block construction). It is solid. The owner redid the rear unit and removed the existing ceiling and vaulted the space. The kitchen was redone and an interior wall was removed which made the entire area more relevant to today's lifestyle. The bedroom got sexed up a bit as did the bath. The entire space would make a very comfortable owner's unit IMO.

Rear deck area provides wonderful outdoor living area

The front unit has lots of charm and space for an equally charming outdoor deck

The front unit is still pretty much today as it was when built. The Cuban tile floors hearken to a different time but that is among the charming features of this place. The rooms look like rooms with traditional ceilings and floor plan. One could do a w0w-wee renovation on this side, I guess. But I don't know that would generate that much more in actual rental income. But some fresh paint and a few tricks from one of those HGTV how to shows might add a couple of hundred dollars to the monthly rental. And that would be a good thing.

If you follow me on TWITTER you can see a bunch of photos I took of this property last week. I have two different buyer scenarios for this property. One, is for the dreamer who wants a place he or she or they can use during season and also have steady income to help defray the cost of ownership. My approach is simple. Live in the rear unit when you are in Key West and rent the front unit year round. The front should get $1200 per month as it sits and could get another $100 to $200 with some dolling up. The second scenario is even more simple and that is to treat this property like any other investment property in Key West: rent both sides long term.

1215 Duncan Street (MAP) is offered at $399,000 or $380 per sq ft for this 1050 sq ft duplex that sits on a comfortable 3086 sq ft corner lot in the Arts District just one block east of White Street. A white picket fence separates the property from the street. This must have previously been a showcase. It looks very nice now but it is also a bit neglected. The bones are there and the existing trees are just beautiful. There is a maturing Jacaranda tree located on the Duncan Street side. I was taking some buyers down Duncan a couple of weeks ago (before this property was reactivated) and my heart just popped when I saw the Jacaranda in full bloom. Then I looked a block ahead and saw a Royal Poinciana Tree also in full bloom. My God that was a beautiful sight. Is somebody is looking for an ideal location, this might just be the place.

If you would like to see 1215 Duncan Street please call me, Gary Thomas, 305-766-2642 or send me an email at 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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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.