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Wednesday, August 25, 2010

1411 Petronia Street - Old Town - Key West

Notice the sweet second level front porch located off Master Bedroom

Sawtooth addition behind the original Eyebrow house

Inviting Old Fashioned Front Porch Perfect for Sitting or Doing Nothing

The Eyebrow House at 1411 Petronia Street is now offered for just $400,000. This is a short sale. The lender recently approved the price and the buyer decided not to buy. I know this house fairly well. I think this is a great price for a house in Old Town with a pool.

The listing Realtor describes the property this way:
"New price of $400,000 is firm. Renovated 3 bedroom (as per Monroe Co. and Realist tax records), 2 full bath historic eyebrow house in The Meadows. Original Dade County pine floors, walls and ceilings throughout the house. There is a new pool with landscaping and decking in the large yard, which is totally fenced for privacy. This is a potential Short Sale that may be subject to third party approval."
In my opinion the present layout of the rooms is not as efficient as it could. One bedroom is fairly small, one is in an odd location, and the third bedroom is located just fine on the second floor. (It has a really cute front porch of the second floor bedroom.) The living room is nice and large but the kitchen is small. The kitchen and the downstairs bath are on the north side of the house. The deck and pool are located just north of the kitchen and bathroom so there are no inside views of the pool or garden. Some new owner might want to move things around a bit. But things have "worked" okay for previous owners.

I included a couple of photos of Petronia Street. This is a nice and quite street just a couple of blocks east of White Street. Duval Street and Bayview Park are within walking distance although Duval is further away.

The opposite side of Petronia Street

1400 block of Petronia Street

The large pool, tropical foliage, and great location (coupled with the price of just $400,000) make this house a great buy at that price. This house ought to sell within a few days now that the price has hit rock bottom. Take advantage of this great deal today.

CLICK HERE to checkout the mls listing information on this property and to view photos 0f 1411 Petronia. For comparison purposes I created a list of other houses for sale in Key West priced at or under $400,000. CLICK HERE to compare 1411 Petronia Street with those houses. Better yet, please call me, Gary Thomas, 305-766-2642 to schedule a showing. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.


Anonymous said...

Cute house and a relatively affordable new price. Gary, are you surprised the price on a home like this has come down this low?

Gary Thomas said...

No. This house was way over-priced. But I do think this is a great price now. Somebody is going to make out like a bandit-even if they move the kitchen and bath to open up the back to view the beautiful pool.


Anonymous said...

As prices keep droping local taxes will have to go up. Or do you think there will be a big drop in local services. Both of which will have concerns to a buyer.

Anonymous said...

Just got my tax TRIM notice for my proposed tax bill and YES TAXES are GOING UP!

And insurance too.

Worst market in US history for housing.

Sure is a great time to buy, eh?!

Gary Thomas said...

We are blessed to have Mosquito Control Board and other boards (and Commissions) that provide health and retirement benefits not available to those of us in the private sector.

Somebody has to pay for those benefits.

Our police department has a team of horses to house and maintain. And new tasers to buy. And ranges to practice shooting and tasing. Somebody has to pay for those necessary public safety programs.

I don't have kids and I do not begrude a dime spent on school taxes. I do begrude having school officials and spouses who get caught with their hands in the cookie jar, however.


Anonymous said...

well i am going to wait, prices will be lower. Should have bough goald 3 years ago. It has doubled.

Anonymous said...

Yes you should have bought gold over 10 years ago.

From the Key West Citizen newspaper August 27, 2010 letter to the editor:

"Take a close look at your tax notice

I am one of those people who owns property with a homestead exemption. Given today's economic realities, I expected that my assessment would rise moderately and consequently, my property taxes would increase proportionately.

What I did not anticipate was that while my assessment is going up as anticipated by 2.7 percent, I am facing an increase of 16 percent on my overall property tax bill. The increase is 40 percent for the Mosquito Control District alone!

I suggest that all property owners closely scrutinize their TRIM notice. It is quite an education."

So I am asking Gary, who must have deep pockets, why should we not complain about rising taxes when we were promised no increase? We are residents with a homestead exemption and are still paying more and more. Imagine how much those second home buyers will be paying when the locals are being hammered.

So when we locals must pay for corrupt officials and their credit card abuses, retirement plans, pension plans, health care plans and other perks for the City and County official we start being enraged at the prospect.

To say that taxes and insurance are increasing here in the Florida Keys is an understatement. We have not had a bad hurricane season since 2005 and my windstorm alone has skyrocketed.

To anyone even thinking about buying in Key West, please do your homework. Think hard and long about the prospect. Banks are having a harder time lending money so be prepared. Rental income rarely if ever covers your mortgage, taxes and insurance combined. And if you think this is paradise, remember we have the same problems if not more as you do up north. We just have a better view than most.

Housing has not even reached its low point here yet - there are WAY too many homes in distress, short sale and foreclosure not being reported. Or yet to come.

Unemployment, the economy, the slump in housing starts and sales, higher taxes, higher insurance rates, unstable growth, all sounds like a disaster waiting to brew. Being an election year, who knows what will it be like this time next year. Or in six months. Can you really predict the future? No, neither can I and with all the uncertainty I certainly wouldn't put my faith in a blogger about the Key West real estate market.

Think long and hard. When you come to a decision, think again.

Gary is a salesman. That's all. He wants you to buy. I don't begruge that. It's his job. BUT that is why he blogs. He wants you to buy. Yes, he is informative and knowledgable to a degree about the market. BUT he is still a salesman. Let me make that clear. A salesman. His job is to sell. Your job to him is to buy. Plain and simple.

So remember, take it all with a grain a salt. Read his blog. Read other blogs around the web about Key West. There are more who will speak about why NOT to buy than buy property in this market. Do your homework. And above all, think long and hard about this market. What's the rush? There may be something better around the corner and yet to come.

Anonymous said...

The rush?

I'm 60 years old. If I'm moving to KW, I'd best get on with it.
But the idea is to find a house at a price (including insurance and taxes) that I will be comfortable living in.

Things are tough all over. The market value of my house in Chicago is down significantly, but my taxes still go up. This has been going on for years, but when we were all in the grips of housing/tulip mania nobody cared.
We should have been paying attention.

I've known all along that this is a blog written by a salesman. But one of the reasons I read it is because Gary doesn't sugar coat everything. Not every post is a terrific deal. Gary has also taken off after folks from time to time in a way that surprised me coming from a salesman. So I'm going to keep reading.

Also, some of you KW folks on here seem surprised to find that life can be tough. But I never thought life here in Chicago was supposed to be paradise. Guess I don't have to face up to the same disappointments.

Anonymous said...

60 is young these days. You have the likelyhood of living till 90. My parents lived to well in their 90's and worked as long as they could because they wanted to. So don't tell me you don't have the time to wait. Patience is a virtue - just see where those who didn't wait are now. Overburdened and over taxed.

Also, don't rely on a realtor to tell you the tax and insurance situation as they are not allowed to do so. They are not qualified to make that guess or estimate.

We have a lot of homes in foreclosure and short sale status here. That means less of a pool to pull from in taxes hence they are going up. And up. And up.

As for insurance, guess again. The insurer of last resort, Citizens, is on the increase here. FIRM has not been able to hold rates at their current level; plus homeowners,fire, and flood - you must have flood here.

If you plan to rent, don't forget a transient license is needed for short term rentals in Key West and occupational licenses for City and County for long term rentals. As you plan to live here, this is a no brainer option.

HOA and condo fees are also on the rise due to the demanding rise in rates. I have seen one such association in New Town where the fees are over 1000 per month. And don't forget those special assessments! With so many condos in short sale and foreclosure and owners abandoning units left and right, be prepared to pay more. Lots more.

Just thought you should know before you buy...

Anonymous said...

Everything he said may be true, but it's a wonderful place to live. And I am neither a salesman nor a buyer. So there.

Come on down. There are some nice houses on what constitutes our "low end" right now. They may be a little cheaper before they get more expensive, but it's not gonna get any prettier than it was this morning when I rode my bike along the seawall.

Anonymous said...

I looked at this place last summer. the layout is horrible. It is not a 3 bedroom. It has not been totally rehabbed. It has a dorm room fridge. The bathrooms are a joke. In my view, it needs a ton of work.

If I recall right, there was an old beat up house right behind the pool.

It is now priced right- for someone who wants to do a total redo and end up with 2 bedroom house.

Anonymous said...

I looked at this place last summer. the layout is horrible. It is not a 3 bedroom. It has not been totally rehabbed. It has a dorm room fridge. The bathrooms are a joke. In my view, it needs a ton of work.

If I recall right, there was an old beat up house right behind the pool.

It is now priced right- for someone who wants to do a total redo and end up with 2 bedroom house.

Gary Thomas said...

"Gary is a salesman."

I never thought of myself in those terms. I asked my ex why he fell for me. He said "You are the most honest person I ever met. I trust you."

I found the piece below in Wikipedia. It speaks for itself.

"There it appears as illustrating a moral proposition: 'People frequently begrudge something to others that they themselves cannot enjoy. Even though it does them no good, they won't let others have it. Listen to a fable about such an event. There was a wicked dog lying in a manger full of hay. When the cattle came and wanted to eat, the dog barred their way, baring his teeth. The cattle said to the dog, "You are being very unfair by begrudging us something we need which is useless to you. Dogs don't eat hay, but you will not let us near it." The fable shows that it is not easy to avoid envy; with some effort you can try to escape its effects, but it never goes away entirely.' "


Anonymous said...

What heading was that under on Wikipedia?

Gary Thomas said...

Dog in the manger,


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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.