A little over two years ago the little house on the big lot (50' x110' or 5500 sq ft) at 824 Shavers Lane was offered for sale at $735,000. It did not sell. The price was recently reduced to $297,500 which is still $488 per sq ft, but now the price may make the property worth a look-see.
The listing agent describes this property this way:
"An opportunity! Total renovation/demo. Rarely can you build your dream home on a small quiet lane steps off Duval.What a location..steps away from the Hemingway House and the Lighthouse Only five short blocks to the Southernmost Point!Recent appraisal and priced accordingly."Click the MAP to locate 824 Shavers Lane. You probably have walked near or biked or drove by but never even knew the lane, let alone the house, ever existed. It is a one block long lane that is sandwiched between Duval Street to the east and Whitehead to the west. Olivia Street (the Hemingway House is at the corner of Olivia and Whitehead) provides entry to Shavers Lane from the south and Petronia Street (Bourbon Street Pub near the corner of Duval and Petronia) is at the north. Shavers Lane is narrow and few people go there without a reason. So if you are looking for a secret hideaway, Shavers Lane may be worth considering.
The listing agent suggests the property may be demolished. Renovations normally cost more than new construction so it might make good economic sense to remove the existing structure and build all new. I'm not a builder and I can't and will not cite construction costs. But I do believe it would be economically feasible to buy this property and construct a very nice new home with off street parking for two cars and put in a real pool for less than it would cost to purchase a three bedroom home with a pool and parking on one of the tonier streets in Old Town. (I'm not talking about a million dollar house either.)
CLICK HERE to review the mls listing info. The existing house sits rather close to the street. The lot is very deep and quite wide. I think a new home that sits further back would make better sense than trying to use the existing house and current configuration. Of course using the existing house makes it easy for the new owner not to use current building code setbacks. It may make sense to utilize the existing structure in some portion of the overall design of the revamped property.
I found an old photo of 824 Shavers Lane (old as in 1965 and shown above in black & white). The house looks pretty much the same today. The depth of the lot and the absence of any protected trees that would prohibit building give this property great development potential.
South Beach is a five minute walk (if you can avoid slow moving tourists). La Te Da, the Bourbon Street Pub, the 801 Bar, and The Monkey Bar are all within a five minute walk. Camille's, Santiago's Bodega, and Antonia's Restaurant are also located within five minutes of the front door. CVS Pharmacy and Bobby Shop (that's where I get my hair cut) are within a five minute walk as well. You can ride your bike at Ft Zach Taylor in about seven minutes.
If this property looks like something that may interest you, please call me, Gary Thomas, 305-766-2642 or contact me by email at firstname.lastname@example.org. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in sunny Key West, Florida. Let me help you find your place in Paradise.