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.