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Thursday, June 17, 2010

511 Frances Street - Short Sale - Key West

511 Frances Street has been on the market since October 2009. The original asking price was $1,649,000. The price was reduced several times. Now the property is offered as a Short Sale at the asking price of $1,295,000 or $762 per sq ft.

I showed this house last week and was again impressed with the great location and the way the front invites you inside the home and how the pool area at the rear immediately summons you to the outside. This house has lots of street appeal but it is the pool area that has that Key West I Wanna Live Here! appeal.

Click the MAP to find the location of 511 Frances Street. The 500 and 600 blocks of Frances have some of the most expensive and most photographed homes in Key West. The location is still within an easy walking distance to all of the attractions of Old Town but it is far removed from the zaniness. Maybe that it is why this location attracts buyers with money. You will note that 511 Frances Street abuts Curry Lane (one of the prettier little lanes in Old Town).

Almost every stick of wood in this home is new as of the "renovation" in 1983. Only a few pieces of wood from the original structure remain. A new master bed and bath addition was added a few years ago. The interiors come off a bit sterile to me and I think some fairy dust is in order. But there is plenty of space (some 1700 sq ft of interior living space) to spruce up. The house has 3 bedrooms and 3 baths. The living room is huge and it has three sets of French doors that open onto that incredible pool and deck area. There is already a covered outdoor dining area that overlooks the pool. And there is the cutest little fly fish hook tying cabin at the rear of the property. (Or whatever you want to use it for.)

The rear deck and pool is the star of this house. Too bad I don't have any pics that I took.

The listing Realtor artfully describes 511 Frances this way:
"Built in 1983 is a true replica of a Key West old town home with the luxuries of today located on one of the very best blocks in Old Town. There are three large bedrooms separate from one another with unique style bathrooms, his and hers offices off the living room, and an a separate artist studio off the pool. There is a wonderful serene outdoor covered dining space for those large dinner parties surrounded by lush landscaping and gentle lighting. The interior has pine walls with painted maghony molding, and vaulted ceilings Located two blocks from the Seaport. Off Street Parking."
CLICK HERE to checkout the mls listing information and to view more photos of this lovely home. Better yet, call me, Gary Thomas, 305-766-2642 to arrange a showing of this property. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. This property is a listing of our office but not my listing. This house needs a buyer.


Anonymous said...

The Captain asks:

Is it true that the Key West Association of Realtors, Board of Directors, has adopted New MLS Rules and Regulations which state:

Section 18.3.9
Display of expired, withdrawn, pending and also sold listings is now prohibited.

What possibly can be the justification for this new rule? Is it that this group (which I assume you are a member of) wants the consumer to remain ignorant making it easier for the brokers to misrepresent information? This truly is pathetic. Gary, please confirm or deny.

Captain out..........................

Anonymous said...

At least there's still "Good Deeds" in the newspaper.

Gary Thomas said...

Captain, I did some checking. It is my understanding that the rule change was made to prohibit realtor members from publishing data that would make it appear that they had participated in sales to which they were not a party. I believe the rule change was made to provide more transparency and not to create a distraction by allowing members from showing statistics that might infer statistics (such as sold houses) as being their solds.

When I do a blog and I write something like "Just listed, but not by me..." I share a new listing but it is not my intent to infer that it is my listing.

I wasn't involved in any of the discussions or voting on this matter, but I don't think our board is trying to hide anything from the public. Contrary, I think our board has made our data imminently available to the public. What the board wants to do is to insure that the data is not manipulated to give out misleading information.


Anonymous said...

The real reason? KWAR did this so you can not tell the property history of the listing. Therefore, you can not see the price changes (drops or increases), the days off market and then relisted and basically to hide relevant facts on listing. It is another way for KWAR to hide the fact that real estate has tanked in Key West and only the very few are buying. Captain, it is wrong but remember - what do you expect from KWAR?!


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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.