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Wednesday, October 27, 2010

Casa Loca

Casa Loca - 535 Petronia Street - Old Town - Key West

My Google translator says that "casa loca" means " crazy house". I'm not convinced about that. I'm sure someone may provide us with a more clarified translation after reading today's blog or perhaps by someone who is really familiar with the new listing (but not mine) located at 535 Petronia Street in Old Town Key West. The listing agent describes the property this way:
"Large and Luxurious with almost 2000 sq. ft and furnishings suited to Architectural Digest, Casa Loca is perfect for the discriminating homeowner who wants to enjoy the finest Key West has to offer. This transiently licensed property has been renovated with a modern touch all while retaining its classic styling. Home enjoys a wonderful split floor plan with a very private ground floor master suite overlooking the heated pool and outdoor shower. Guests will love their treetop wing, complete with sitting room and full bath. The main floor features an open floor plan with breakfast nook, den, dining suite and half bath. This home also has the perfect front porch for having that morning con leche. Home is offered completely turn key."
I found and old photo in the Monroe County Property Appraiser's shoebox of this same property that was taken in 1965. The original house was built in 1889. Sometimes it's almost hard to believe one place can look so much different.

This house has a very valuable City of Key West transient rental license which means the owner can rent the on a daily basis-much like a hotel room. An owner would not rent it that way because the turnover cost and time does not make economic sense. But the ability to rent the place everyday provides more opportunities to rent than a place where only one rental per month is permitted which is the case in most of Key West.

Better than me trying to explain to you the earning power of this house, see for yourself. CLICK HERE to checkout the property manager's website for Casa Loca. After you have looked at the great photos and description of the property, take the time to look at the Reservation Request at the bottom of the page. That area shows a series of calendar months. The days dates where advance reservations have been made are marked with a Red X.

The primary reason people buy houses like this is to have a great place in Key West that they and their family and friends can enjoy. This house has a great Old Town location and the photos certainly make the place look inviting. You would be close to everything and still removed from the fray.

The secondary reason people buy houses like this is that somebody else gets to help the owners pay for it. Casa Loca is offered for sale at $1,295,000. That is quite a bit more than the other transient licensed homes I have recently written about in my blog. I would encourage a serious buyer to do some real serious comparison shopping. Cheaper price does not always mean better value. I'm not saying this place is superior because of how wonderful it looks or the potential rental income it could produce. The asking price is about $500,000 higher than the most expensive of the other transient licensed houses I have mentioned of late. But those places probably do not generate the level of income that this place is capable of generating because of its features and location.

I need to mention a fact that potential buyers sometimes overlook when they start to realize all the money they can make by owning a place like this: if they rent it they can't stay there. They can stay there, but they can't rent it. It is a Catch 22. But a good one. I guess. Maybe that is why it is called Casa Loca-it is crazy.

CLICK HERE to checkout the mls listing datasheet and to view listing photos of 535 Petronia Street. Please call me, Gary Thomas, 305-766-2642, if you would like to see this property or any other transient licensed homes in Old Town Key West. 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.

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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.