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Sunday, August 1, 2010

617 Fleming Street - Old Town - Key West - Bank Owned

617 Fleming Street Old Town Key West August 2010

617 Fleming Street Old Town Key West c 1965

The Campbell Courtyard Condominiums have one of the best locations in Old Town. They are close enough to Duval and the Historic Key West Seaport that you can be in either place in five minutes. But they are far enough away that you do not hear the frenzy on Duval. Many of the neighboring properties are among the highest priced homes in Old Town. The condos were "developed" or assembled in the late 1990s from a group of unrelated buildings into the compound with a shared location, identity, and an incredibly inviting pool. The nine units were sold off and there has not been a large turnover of ownership since then. The main building shown above was built in the 1920s and the eyebrow cottage (just below) was built in the 1890s. All buildings were totally renovated during the condo conversion.

Unit No. 1 at Campbell Courtyard is BANK OWNED and was just listed for sale at $259,000 for this 842 sq ft one bedroom unit. CLICK HERE to see the mls listing and view agent provided photos. The unit is offered at $309 per sq ft. Compare the size and prize per square foot to units in Truman Annex Shipyard that are 680 sq ft priced at $587 and $616 per sq ft (these units are two bedrooms).

This units is located on the first floor front of 617 Fleming Street. I took some photos which show how the unit is laid out CLICK HERE . The space is optimized. All of the rooms seem large and inviting. The combined living, dining and kitchen area open onto a private courtyard through French doors at the rear. (A large storage closet and a separate private laundry room are located in this area.) That private courtyard then leads through a little white picket fence to the pool. Imagine taking a late night dip in that incredible pool then going back home to hit the rack.

Campbell Courtyard Pool August 2010

Same spot sans pool c 1965

The last time a unit in Campbell Courtyard was offered for sale was in December 2009. It was gone in a flash. The mls records show 11 days, but I showed it the day it hit the mls and it was already under contract.

If you are looking for a well priced and not too expensive a place in Key West, may I suggest that you consider this unit very hard and very quickly. I have seen and shown a lot of little condos at very big prices. This is the reverse, but I understand one bedroom will not work for many buyers. I do have a suggestion for potential buyers that have lots of friends who may want to come and visit, Ambrosia Guesthouse and The Marquesa Hotel are located within 150 feet. Let your friends stay nearby. Or buy a sofa bed. I'd prefer that they stay someplace else but that's just me.

Don't wait, dear readers, this one will go quickly. Please call me, Gary Thomas, 305.766.2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. If you snooze on this one, you lose.


Anonymous said...

I know these units as I used to rent there quite a while ago. Of the 9 units, there have been several on the market in recent times. There are 5 in the main building and 2 each in two separate cottages. All have been sold from the original owners in the past five years or so and at least three units have been in short sale or bank owned recently - 1, 2, 9 and I believe either 6 or 5. Can't remember now. So tell me, if almost half of the owners in the association have problems, how solvant is this condo association and who knows what problems are ahead? Yes, nice area but be very aware of what you are buying into with this one.

Gary Thomas said...

1) is bank owned.
2) was a short sale
3) purchased in 1999
4) purchased in 2003
5) purchased in 2003
6) purchased in 2008
7) purchased in 2003
8) purchased in 2004
9) is in litigation and will be bank owned someday.

Banks are required by Florida law to pay up to 12 months in homeowner (condo) association past due assessments at the time the bank sells a foreclosed property.

Any potential buyer needs to understand the stability of any condo community where a purchase is contemplated.



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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.