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Wednesday, July 14, 2010

1124 Eaton Street - Old Town - Key West - Bank Owned

Just listed, but not by me, 1124 Eaton Street in Old Town Key West. I wrote about this same property last year. It went under contract within a day or so. Something happened. I don't know what. But the previous offer did not close. New listing agent and new asking price of $158,400 or $119 per sq ft. Bank Owned.

This is how the new agent describes this property:
"Make Highest And Best Offer. Old Town Home Ready For Renovation. Being Sold As-is. Check On Permit Status With Carolyn Walker, Kw Bldg. Dept. For Special Financing & Incentives, Seller Requests Potential Buyers Contact Chase Loan Officer Jose Rodriguez, Jr. 305-593-1076 Ext. 3. Loan Approval Letter, Proof Of Funds To Close And Cashiers Ck Payable To W. Craig Eakin Must Accompany Offer."
To save time I am copying and pasting what I wrote a year ago. Look at the pretty pics I took then and read the description. This is a fixer but it is priced to sell - quick.

Say all the bad things you want about Eaton Street being a bad location. I can hear the chorus getting ready to sing. Throw in that 1124 Eaton Street is BANK OWNED and is about as much "undone" as it is "done", and you have a really bad deal. Except all of those negatives are already priced into the asking price of 1124 Eaton Street.

1124 Eaton Street is located one house to the west of the corners of White and Eaton Streets. That has got to be one of the busiest streets on our little island. Traffic does die down at night, but it is busy during the daytime. The house is located across the street from The Restaurant Store. CLICK HERE to see a view looking out of the second floor window.

Somebody started to do some nice renovations. The kitchen has been roughed in. There is a laundry room without any appliances. The living room has what appears to be new floors (as does the kitchen). There is even a powder room on the main level. Upstairs you need to avoid the hole in the floor. I'm not kidding. It is dangerous. But it can be fixed. There are two bedrooms-one at the front and one at the rear. And set in between the two bedrooms is a master bath that was really nicely done. The toilet and sinks are missing. I don't know if someone removed them or if they never got installed. But those are not big ticket items in either case.

The room sizes actually work. The house is bigger on the inside than it appears from the outside. Or so it seemed to me. I have no idea as to the condition of the plumbing, electrical, or anything else except I can say without equivocation the house needs tented. Termites have worked their way around this house over many years. The place needs HARC approved windows and door installed. The outside needs scraped, cleaned, and a new coat of paint applied. The roof should probably be replaced and with HARC's approval, the ugly lean-to carport replaced with something a little more suitable. I would add brick pavers and some landscaping and re do the front porch. CLICK HERE to see what I think 1124 Eaton Street could look like.

if you are looking to buy a Key West fixer at a good price, don't scratch your head an analyze this to death. A property like this is either something you can do yourself and are willing to live with or it isn't. The location will never change, but you can improve the house.

If you are seriously interested in making an offer on this property, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.


Anonymous said...

Good morning, Gary. What a sad little house. I'm sure the right buyer can give it some life again.

There was a report released today and covered on CNN about a jump in foreclosures and news that banks are beginning to act faster on booting delinquent homeowners (or second or third homeowners) and also liquidating the houses more quickly.

Any thoughts about that from a local perspective? There are also reports that more high-end owners with mortgages are defaulting. I've noticed the foreclosure and short-sale numbers have been ticking upward again in Key West.

P.S. New house on the MLS on Riviera Drive. Once listed at $2.5 million and now for sale in the $700s.

Gary Thomas said...

The listing agent told me he has several offers already and bank will likely decide today who gets this house. A fellow realtor used to own this and lost it after Wilma did in the downstairs and then the bank did in my friend.

Please explain what you mean by foreclosure and short-sale numbers have been ticking upward again in Key West. I watch the Monroe County Clerk's filings like a hawk and my sense is the exact opposite. What statistics do you have to support this. Not being critical, I just want to know.


Anonymous said...

The numbers of listed short sales and foreclosures have both gone up on Foreclosures were down in the teens for awhile but are up to 26. Short sales were also down around/below 100 and have moved up to about 110.

That might not be the most accurate or scientific source of info, but there has been an uptick lately on that site.

Gary Thomas said...

That is a real estate agent's website and not the Key West Association website. But the info there is derived from the real thing.

Like I said earlier I watch the Monroe Co records to checkout the filing of new Lis Pendens (notice to the world that an actions has been filed that may affect legal title to a piece of real property) or the start of the foreclosure process. I also check for new Certificate of Title filed. This is the instrument by which legal title is transferred by judicial foreclosure from one party to another.

I have noticed a drop in the number of lis pendens and certificates of title. But I only look for properties in the Key West area. I don't monitor what is going on up the Keys because I don't sell up there. I don't watch Miami news either because what happens there is not a part of my life. I keep my focus on Key West.

Maybe somebody who has too much time on their hands can do a statistical analysis to find out who is correct.



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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.