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Friday, August 13, 2010

721 Chapman Lane - Bank Owned - Key West


Entrance to Bahama Village Petronia & Duval Streets Key West

721 Chapman Lane built 1906 as it appeared in 1965 (above)

721 Chapman Lane Key West as it appears in 2010

I wrote about 710 Chapman Lane in June 2009. It is located directly across the street from 721 Chapman Lane. That place was a "bargain" if I ever saw one. It was artfully renovated for today's lifestyle. That property was a short sale and the new owner got a terrific deal at the purchase price of $385,000. There are three houses for sale on that block today. One is a short sale (a cute house but a new owner will probably need to do some serious fixing); one is a regular sale and over-priced (have not been inside and probably will not-not at that price); and then there is 721 Chapman Lane. 721 Chapman Lane sold for $900,000 in December 2006. Today it is BANK OWNED and offered for $469,000 or $247 per sq ft.

The listing Realtor describes 721 Chapman Lane thus:
"Old town Key West treasure! Tucked away in Chapman Lane is this quaint, two story bungalow style single family home with private swimming pool. You will not believe the space and layout. Just a few steps from Duval Street and Fort Zachary Taylor beach. Paradise awaits you in the heart of Old Town Key West. Come see it before it's gone!!"
The pool at 721 Chapman looked like this in 2006. Not now!

The original cottage (see black and white photo above) located at 721 Chapman Lane was built in 1906 according to the Monroe County Property Appraiser. The house was enlarged and a pool was added. The house as now configured has large rooms and big spaces. This is not the cottage of yore. This photo CLICK HERE probably best demonstrates how the house grew so large. A new two story addition was added to the back of the old cottage. Downstairs you will find the livingroom complete with black and white checkerboard style floors, a bedroom and bathroom, and a large eat-in kitchen with French doors that open out onto the back deck and pool area. Upstairs you will find two other bedrooms each with private bath. The tub-shower in the master bath looks like something you might find in the International Space Station.

The 1900 sq ft home has 3 bedrooms, two and one-half baths. It sits on a 2646 sq ft lot. There is a white picket fence in front. In my opinion this place needs a serious "fluff" but I did not see any major renovation expense. I do think the master bath is odd, and a new buyer may want to redo it. The color choices and carpet selections throughout the house are a little overwhelming, but the cost to spruce this place up won't be. Most new home owners want to paint and do a bit of cleaning anyway.

Corner of Petronia Street and Chapman Lane

CLICK HERE to see photos I took of the house and the other houses on Chapman Lane. Chapman Lane is located in Bahama Village-one block west of the famous Blue Heaven Restaurant and La Crepere (notice the tourists riding the wrong way on a one-way street. Don't you just love 'em. Not a care in the world.) Many of the neighboring houses have been redone. Chapman Lane runs just one block and is accessed off Petronia and Angela Streets. It's an easy two or three minute walk to Duval Street. The new Key West marina and boardwalk will be a two or three minute walk when it is completed. I believe the new Truman waterfront development will invigorate growth and development in the Bahama Village area as well.

CLICK HERE to review the mls listing info and to view mls listing photos. Better yet, please call me, Gary Thomas, 305.766.2642 to schedule a showing of this old-new house. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.

3 comments:

Anonymous said...

Nice house and you are right about it being sold at a great bargain price. This one will not last and is probably under contract as I write. But maybe I lost something along the way - what happened with the pool? You stated the photo of the pool was 2006, not now. Is it different now somehow?

Gary Thomas said...

You need to hit the "click here" link to see the current photos or the other click here to see the mls listing info. There you will see that the pool is still there. It is just "yucky" with green water and slime. It will clear up when a competent company like the Pool Man of Key West treats it. Until then, it will still be yucky.

Gary

Anonymous said...

My bad mistake! Sorry Gary as i should have figured it out.

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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.