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Tuesday, November 30, 2010

1420 White Street - Bank Approved Short Sale - Key West

1420 White Street Key West

I wrote about 1420 White Street a few months ago. It needs a second look by serious home buyers looking for value in Key West and specifically in the Casa Marina area. The "asking price" on this short sale has already been approved by the lender. So the what ifs as to the price on this property are eliminated. There are other issues addressed below that still will require resolution, but I am optimistic they can also be resolved successfully.

I have only been inside the grand Conch House at 1420 White Street once, and that was several years ago when it was offered for sale at the price of $2,695,000. The inside had been carved up. The interior stairway between the main floor and second floor was removed so that the upstairs could be used as a separate apartment which has an exterior stairway entrance. The large side yard on the north was sold off and different owner built a beautiful new home.

The garage at the back had been made into an apartment years earlier, and that parcel was legally separated from the main house. The property was sold to a totally different owner for an outrageous price.

Despite the loss of the side yard and garage properties, the main house still stands as an anchor in the Casa Marina Area of Key West. It is now offered for sale at the short sale price of $470,000 or $190 per sq ft.

This is how the listing Realtor describes 1420 White Street:
"Casa Marina Area! This 2-story 5 bedroom, 3 bath home has over 2600 SF of living area. It sits on a large corner lot and is within walking distance of the beach. The separate guest quarters on the second floor of the house is not currently accessible but could be renovated to make the house one grand home again. This is a potential short sale that may be subject to third party approval. Property is being sold AS-IS. The utilities of the adjacent property at 1133 Von Phister are connected to the subject property. It will be the Buyer's responsibility to resolve that situation. Bank approved$470,000."

But that's not the end of the story. The garage at 1133 Von Phister Street (rear of 1420 White Street) became a "cottage" and was sold to a different purchaser in May 2005 for $749,000. That 648 sq ft building has two bedrooms, one bath, a nice little kitchen and living room. There is a second smaller building located behind the main "cottage" that could possibly be incorporated into living space in some way or perhaps be demolished to make room for a pool. Or demolish both buildings and use the existing car pad on Von Phister Street for off street parking and use the remaining space for a new pool and garden. That would be my preference. 1133 Von Phister Street is now offered for sale as a short sale at the asking price of $299,000. This building does not have its own electric, water or sewer services. It will cost about $20,000 +/- to put in new utilities to the property.

1133 Von Phister Street Key West - Existing off street parking

These two properties are located a couple of blocks from Higg's Beach and Rest Beach. Imagine walking your dog each morning in the wonderful Key West weather or walking a couple of blocks north to get your cafe con leche at Sandy's. You'll flip over life in Key West!

If you would like to take a look at either or both of these properties, please call 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 this area and love it.


Anonymous said...

Hi Gary,
I'm confused about the second floor on the White Street house. The MLS listing calls it "inaccessible." Do they mean from inside the main floor? Is the outside staircase still usable?

Gary Thomas said...

I added a side view of the larger house. The exterior stairway has been removed. There is no interior access. A new owner would want to install a new interior stairway to provide access to the upstairs and add some much needed interior pizazz to this place.


Anonymous said...

OK I have a question: If the upstairs is "inaccessible", has the listing realtor been up there to peak around? I mean, who knows what lurks in the upstairs? I would NOT buy any property without some form of egress, either ladder, rope, trampoline or high lift equipment to venture into the nether regions of the second floor. Imagine what is crawling around up there? Imagine falling through the floorboards? Imagine finding some Picasso or Babe Ruth baseball card to sell at Sothebys auction house! Imagine the possibilities!!!!!

Gary Thomas said...

All I need to do is bring an extension ladder. Entry is made off the second floor porch. That's easy.


Anonymous said...

It's a neat and important property. Assembled with the adjoiners, someone could have something special- and quite a prominent location - if it could be done at the right price, whatever that is.

Anonymous said...

I agree - this property needs to be sold with the adjoining property and put back to its historic spendor with the right buyer who appreciates its significance and value.


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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.