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Thursday, September 16, 2010

1200 Varela Street - Just Became a Better Compound Investment

Talk about "compound investment", checkout the legal duplex at Varela Street Compound (located at 1200 Varela Street) in the SoTru area of Key West. SoTru is South of Truman.

The listing agent describes this property thus:
"Charming Key West Compound consisting of 7 homes and a shared pool. Completely fenced and very private. Lower unit has large covered deck and upper unit has large covered balcony.Both units are 902 Sq Ft under air w/dishwashers and stack W/D. Upper unit has vaulted ceilings & stained glass transoms. Entrance to compound and duplex off Catherine St. through secured gate."
Entrance to the Compound shown above

Notice the palladium windows in the lower level unit

The photos above show this two story unit that sits at the corners of Catherine at Varela Streets. CLICK MAP The duplex is equally divided into two floors of 902 sq ft each. Each unit has two bedrooms and two baths. The asking price on this short sale property was just reduced to only $374,900 or $208 per sq ft. CLICK HERE to see the mls listing info and to view photos of this unit. Checkout that pool!

This duplex might be the perfect property for a buyer that wants to have his cake and eat it too. A new owner could rent one unit long term and use the income to help make mortgage payments. The new owner could alternatively live in the other unit full time, use it for extended owner visits, or rent both units.

These units are spacious. The second floor unit has great vaulted ceilings. Both units have palladium windows which create dramatic interior spaces. Both have large rear balconies that open onto the private courtyard. I think there is plenty of room for a private pool inside the private courtyard. The interiors are a little dated but they do not require anything that I could see when I showed the property.

This compound has historically had a low turnover of units. Most of the other units are owner occupied. The neighborhood has a mix of expensive to moderate priced homes and condos. There are many rentals in the area as well. This is a very stable "community".

Corner of Catherine and Varela Streets in the SoTru area of Key West

The shops and galleries on White Street are just one block to the east. The Atlantic Ocean and beaches are about six blocks to the south and Duval Street is and equal distance to the west.

If you are looking for a place to stash your cash, please call me, Gary Thomas, 305-766-2642. Let's take a look at 1200 Varela Street to see if it will meet your investment needs. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.


Anonymous said...

Hi Gary, Love your blog. Just FYI, those are "Palladian" windows, after the Italian architect Palladio. Thanks.

Anonymous said...

Gary - in your opinion, how are short sales doing these days in length of time to close? Has it gotten any easier or are banks just as difficult to deal with and is the time to close any better? I was just curious as to how good or bad the situation has progressed. Thanks!

Gary Thomas said...

Short Sale approvals have improved greatly. Some deals are getting completed within 45-60 days from contract date to closing. That's almost as good as a regular sale.

Several listing agents are now managing the short sale negotiations themselves instead of relying on 3rd party negotiators. That had helped immensely as long as the agent is good at moving paper correctly and timely.

Many of the lenders are now using the Equator platform which allows the efficient use of time and transfer of printed data. Again as long as the "negotiator" is efficient and gets the data input correctly and the seller cooperates, deals are getting done.

There are those creeps, however, who continue to use the short sale system to collect rent on properties who have no intent to close on any deal. They say they are trying to get the short sale approved, but do not proceed in good faith.


Anonymous said...

Banks are probably just getting "better" at the process because they've handled so many over the past 18 months. Also, they may be moving them through faster because they have the inside knowledge about how many other underwater or near-foreclosure homes wait in the wings.

Anonymous said...

I think the banks and the realtors have gotten better over the past year or so. I just hope the trend continues to be a smooth process and banks start freeing up money for everyone else to buy as well. People with less than 20 per cent down are having problems getting banks to lend - if you have cash, different story. But for many buyers, the Fannie Mae and Freddie Mac and FHA deals are not to be had. And a score below 760 may also find you in trouble getting a great loan.


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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.