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Saturday, August 28, 2010

707 Washington - Short Sale - Casa Marina Area - Key West


I have written about the house at 707 Washington Street for over two years. The places just won't sell. It is a short sale and has been under contract several times. It went back on the market yesterday. It is beginning to play like a broken record. Last time I saw it pop up in the mls I thought of Mr. Bill saying "OHH NOOO !!! And so it is again. Read on.


707 Washington Street - Casa Marina Area - Back on Market as Short Sale


707 Washington Street - Offered at $1,049,000 as a Short Sale

701 Washington Street - neighbor immediately to the west

709 Washington Street - neighbor immediately to the east

And then I decided I must remind my Readers know about this buying opportunity.

This property is technically a "remodel" since the original duplex located on the huge lot was never officially demolished. CLICK HERE to see 707 Washington as it appeared in 1965. But in reality the two buildings that occupy the space are new from foundation up to the tippy-top of the roofs. The buildings were designed by local noted architect Tom Pope. He, however, did not design the interiors. The interiors were, in my opinion, ill conceived. The rooms as presently built just don't work. There are big spaces and also small bedrooms. The kitchen is very large but one owner removed all the appliances. So a new buyer is going to have to spend thousands of extra dollars replacing appliances which should never have been removed. The pool is quite nice but there is little outdoor space to lounge and recreate.

My suggestion: gut the interior and rebuild. This time use a good space designer and decorator. Redo the pool area as well. This house is huge. The pool area was poorly designed. The thing that works best in Key West is to have living areas that open out to the pool and garden so that the transition from inside to outside living is almost seamless. The current configuration is more that of a box with a pool located down a clumsy set of stairs.

The house at 707 Washington is a legal duplex. But for all intents and purposes it is really a single family house with an attached two-story guesthouse or caretakers house. I would propose that the new owner reconfigure the guest quarters into a second master suite that would occupy both first and second floors of this wing. All of the ground floor in the main house needs reconfigured as well. The rear wall at the back of the house should be removed and the space re-invented into an open air garden room overlooking the pool.

The houses on either side are just beautiful. So is the mega-house across the street. Louie's Backyard Restaurant and the nearby Doggie Beach is a block to the south. The Casa Marina Resort and Higgs Beach are a five minute walk to the south. And Duval Street is only a five minute walk top the west.

I am not panning this house. I think this place is great. The interiors suck. Sorry to Sluggo or to whoever designed the inside and pool area. The houses as currently configured have 3257 sq ft of living space and sit on a 5300 sq ft lot on one hell of a Casa Marina location. The asking price is just $995,000. This is a Short Sale. There are very few houses in Key West that have this kind of space with the quality of exterior design and construction. This could be a great deal for a buyer that wants a project house. CLICK HERE to see the mls listing and view photos.

If you would like to schedule a showing please contact me, Gary Thomas, 305-766-2642 or send me an e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West Florida. Our office is the exclusive Lower Florida Keys affiliate of Christie's Great Estates.

2 comments:

Anonymous said...

Any insights from agents about what keeps the deal from going through?

Gary Thomas said...

The seller is a Realtor and very involved in the process. Too involved in my opinion.

He should detach himself and let someone else handle it. He is not the listing agent but he has shown the property to my buyers. He should have some disinterested third party handle the negotiation with the lender.

A lot of deals are getting approved in a matter of weeks now. Something is amiss when a place can't sell over a matter of years.

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.