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Tuesday, June 22, 2010

Family Home - 201 Virginia Street - Key West







The really big and nicely appointed family home at 201 Virginia Street in the Bahama Village area of Key West is offered as a short sale at the asking price of $699,000. I showed it shortly after it was listed in January 2008 at the then asking price of $1,149,000. It was obvious then that thee asking price was too high given the declining market and the fact that this home is located across the street from public housing. The price has been steadily reduced to the current amount. The property has been under contract twice and, obviously, neither deal closed. The listing agent notes that "Update:Short Sale Approved at $600,000". Some agents do not reduce asking prices to reflect approved short sale prices acceptable to lenders. Doing so often invites future and seemingly endless short sale approval drama. If you were to purchase this home at $600,000 the sold price per sq ft would be $267 and that is very low for any house in Key West, let alone a recently built house with all the features in this one.

I showed this same property a few weeks ago. The inside is the same. The outside is looking a little worn. The paint job is starting to show that the painter may not have been a professional. I took the blog photos this morning. The fence looks especially bad. But if a poor exterior paint job and location near public housing bother you, do not read on. If on the other hand you are looking for a big family home with lots of really nice features, continue to the next paragraph.

This 2250 sq ft 3 bedroom, 3 bath home has big rooms, tall ceilings, superior finishes and other features you will not find in a house for the same asking price in Key West. The corner lot is even large: 3737 sq ft (43' x 87'). The bonus to this home is the third floor eagle's nest which is the access to the widow's walk where you can see the Atlantic Ocean just a couple of blocks away. This widow's walk is the perfect place to mark and photograph the Truman Annex redevelopment project.

Downstairs you will find an extra large great room which combines living and dining areas with the kitchen located at the rear. French doors open from there onto the covered back porch that overlook the pool. A full bedroom and bath are also on the first floor. Two master suites with very large bathrooms are on the second floor. You won't see any of the sibling fighting over who gets the bigger bedroom because all of the bedrooms are made for real sized people. Note the rear second floor covered porch CLICK HERE.

The listing Realtor describes 201 Virginia Street this way:
"Incredible value awaits the smart buyer for this recently built quality home. Top of the line finishes are used throughout including stone and wood floors, granite countertops in the kitchen and baths and wind impact windows and doors. The home has an up to date floorplan with an open living/dining and kitchen opening to a covered porch and stunning pool with water feature. Also on the main level is a guest bedroom and bath. Upstairs are two oversized master suites both with walk-in closet, and bath with separate tub and shower. One of the master suites includes a large loft area with stairs to a rooftop widows walk with spectacular panoramic views of Key West and the waterfront."

CLICK HERE to see the listing information and listing photos of 201 Virginia Street. Better yet, please call me, Gary Thomas, 305.766.2642 to schedule a showing of this very nice family home that is priced to sell. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

7 comments:

Anonymous said...

We've been looking to buy in Key West for the past few months. We've looked at quite a few homes and are open to a variety of areas on the island. Of everything we've looked at, this is the one we rode our bikes to, stopped, looked around and said, "nope, not here... not for $700k."

The reduced price is good, but surrounding area seems so depressing and who knows how long it'll take before the economy allows for more development in that area.

Kudos to the builder... his company does great work.

Gary Thomas said...

I had a buyer that submitted a cash offer higher than the asking price after we made the first look I mentioned in my blog.

Seller rejected the offer and would not counter.

My buyer purchased a very nice new home on Thomas Street early in 2009. He and his wife love Bahama Village.

I understand not everyone wants to live across the street from public housing.

Gary

Anonymous said...

I like BV too - just not this particular corner. As you said - it's not for everyone.

Anonymous said...

Its Bahama Village and that is enough to turn off many people. Public housing is one thing but most locals know that this area is also not the safest in town either. You can only do so much and as anyone knows, real estate 101 is location, location, location.

Gary Thomas said...

Anon: Your comment about Bahama Village is offensive and false.

There is nothing unsafe about Bahama Village. Normal people live there and have lived there for decades. The fact that some of the older houses look run down does not mean the people who live there are bad. It means they don't value white picket fences and fru-fru.

A friend and fellow Realtor bought a house on Thomas Street years ago. He loves living in the heart of a real community-not some Disneyesque creation like in Truman Annex where everything looks perfect but where there is no character.

If there is one part of Key West I would not feel comfortable it would be the trailerville areas on Stock Island.

Gary

Anonymous said...

I am sorry to say Gary that the comments about Stock Island are also false. Many places on Stock Island, such as Oceanside Marina, Coral Hammock, and even the newer Islander Village are safe and provide a nice neighborhood environment that is promoting investment into this area.

I am offended by your remarks. There are good and bad in both spots. Crime, drug use, etc. are always a problem in lower income areas but to say the Stock Island is nothing byt trailerville shows me and the rest of those who read your column that you don't see much beyond your tiny little Key West. That is a shame because you should see what you are missing.

Gary Thomas said...

I talked about "trailerville" on Stock Island. Not the entire island. There is a difference.

Gary

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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.