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Tuesday, October 26, 2010

727 Waddell Avenue - Short Sale - Key West



727 Waddell Avene in the Casa Marina area of Key West


I have written several blogs on the two new homes at 727 and 731 Waddell Avenue in the Casa Marina area. The houses are nearly mirror images of each other. The layouts are reversed and some interior finishes are a bit different. Otherwise, they have the same basic design and construction elements, amenities, and upscale Key West location. The original asking price for each was $3,300,000 in October 2004 (pre-construction price). Over a protracted time period both became short sales. Today the Key West mls revealed that 731 Waddell Avenue sold at $900,000. The selling agent is Cory Held from my office. Congratulations to Cory and her buyers.

Today's blog isn't about what sold, however. Instead, it is about the remaining house at 727 Waddell Avenue that is still available. CLICK HERE to checkout the mls datasheet and the listing photos. It is offered at $999,000 as a short sale.

The main level of 727 Waddell Avenue has a formal entry hall that leads to the great room, kitchen and informal dining area located in the back one half of the house. Up front there is a den or fifth bedroom with bath that also serves as a main level guest bath. A beautiful stairway leads to the second floor landing. The master bedroom is on the second floor at the front of the house. The second floor also has two additional bedrooms on the rear. Each bedroom has en-suite baths. All three bedrooms on this floor have decks. The laundry room is also located on this floor. There is an additional (fourth) bedroom and bath on the third floor. This is not a tiny space, either. Five bedrooms and five baths are unheard of in Key West. This home can actually accommodate owners with large families or friends. No more sleeping bags or futons will be required. No more over-crowded bathrooms to endure.

Formal entry that leads to the great room and pool beyond

The size of this home really sets it apart from other new construction in Key West. The physical size and interior living space is bigger than just about any other new property in all of Key West. The lot is very large. There is a big grassy front yard with white picket fence and off street parking for more than one vehicle. The interior and outside spaces are well thought out and are very user friendly. The front and rear landscaping has matured nicely. This property has an exceptionally large and beautiful pool plus a spa. The deck is very large and provides lots of room for sunning or entertaining.


Extra large pool and spa

Large grassy yard and white picket fence

This home has a limited view of the Atlantic Ocean which is a little more than a block away. Higgs Beach a five minute walk to the south. And Duval Street and all of the excitement is a five minute walk to the west. Louie's Backyard is perhaps two minutes away by foot. Key Westers can buy beach club memberships at the Casa Marina Resort which provides full use of all facilities including the gym, spa and also get discounts on food and beverages.

Casa Marina area is close to everything but far enough away not to be in the middle of it all. The streets are broad and quiet. The trees are tall and announce the sea breezes as they pass over the island. Homeowners can be anywhere they need to be within a few minutes foot, bicycle, scooter, or car.

Now that we know what 731 Waddell Avenue sold for, we might imagine that 727 Waddell Avenue could sell for about the same price. If you are looking for a large home in Key West and the size and amenities of 727 Waddell Avenue meet your requirements, please contact me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. I live in the Casa Marina area and love it. You are close to everything but located far enough away that you are not a part of it on a daily basis.


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6 comments:

Anonymous said...

G- Was the orignal asking price realistic at the time?

Gary Thomas said...

A local group was going to build 12 luxury 3 story partial ocean view townhomes directly across the street complete with private pools, off street parking, individual elevators,and every interior feature a really rich second home owner could desire. The price tag on those units was $2.5 to $3.5 million. The market eroded and they never broke ground. Proximity to such potentially high end units probably the seller to set his asking price too high.

Three different real estate companies listed these two homes. I wrote an all cash offer on 727 Waddell for a buyer at a price higher than the current asking price. And that was over a year and one-half ago.

Sellers are continuing to go through a learning process.

But as for "worth:,this house is definitely worth the asking price and the buyer that bought 731 Waddell for $900,000 got a real deal!

Gary

Anonymous said...

$312 per square foot is a good deal even in today's market. The question is what will go on the land across the street now?

Gary Thomas said...

I sold 906 South Street parcel (10,000 sq ft with one ROGO) for $500,000 cash last year.

There are two separate parcels owned by different parties that control the entire block. Some of that ground has ocean views. There are few vacant parcels in Key West with water views.

I think a very smart buyer will buy and hold those lots for a later date. The sellers of the parcels, on the otherhand, want money now. I think a smart buyer wins now and later.

My buyer hired a famous Key West architect to design a new house. The first time he saw the lot he remarked something like "Do you know how fantastic this lot is. There is nothing like it in Key West!"

Ground with the right to build can be very valuable. Some will see the ugly little houses across from Waddell as an eyesore. I see them as confirmation that the ground itself is worth a hell of a lot to the right buyer (when the present idiotic market is forgotten). And that makes the 727 Waddell house an incredible buying opportunity.
The trouble with Waddell as a house is that it is bigger than most buyers want. But it is a hell of a buy for a buyer that wants something nice and new and ready to be moved into.

Gary

Anonymous said...

This house must have sold. It's no longer on the MLS.

Gary Thomas said...

Anon, It is under contract as of November 15th.

It has not closed!!!

Gary

Disclaimer

The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.

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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.