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Monday, March 28, 2011

1004 Packer Street - Short Sale - Key West


I remember showing 1004 Packer Street (the three photos above) even before the paint was dry-literally. The Key West mls records show that this place sold in just 13 days on the market in July 2003 at the price of $640,000. This home was one of several new homes built in a small compound of charming houses built at that time. Two homes in the same development sold in the past two years - 1006 Packer with no pool sold at $500,000 in 2009 and the second at 1010 Packer with large pool sold in 2009 at $729,000.

I showed 1004 Packer Street in 2008 to a couple from the midwest when it was then offered at $799,000. There were two big dogs living in the house at that time. I love dogs but they ruled that house. My buyers liked the house and layout, but when we walked out the front door the gent said something like "Gary, this will never do." He pointed his finger at the parking lot across the street. It wasn't so much the lot that bothered him, but the business there: an adult bookstore. Since then I have made a point of telling potential buyers about the location. There is no sense in getting excited about a house if the location will not work. Key West has lots of places with difficult locations. Sometimes there are really great houses located next to or very near problem properties. That means great houses go unsold, get sold at a discount, or get sold to buyers who buy the value of the house and disregard the neighbor because they like the property more than they dislike the neighbor.

Today 1004 Packer Street is the offered for sale as a short sale at the asking price of $500,000. The listing agent describes the listing thus:
"Old Town home built in 2002 is a bright and sunny home 2 bedrooms, 3 full baths, crown molding, bricked off street parking and hurricane shutters. The 1st floor has rosewood floors and an open floor plan, great for entertaining. The large kitchen has granite counters with a breakfast bar and plenty of cabinets. French doors open to the private deck with pool and spa. 2nd floor has 2 bedrooms, both en suite, one with spa tub and soaring cathedral ceilings. 1600 plus square feet of living space with very generous rooms. This is a potential short sale transaction subject to lender approval. There are no appliances and photos are from previous listing."
The pool in better days

I showed 1004 Packer Street this weekend. It did not work for my buyers. They could see the scratched floors, dirty walls, and missing appliances. We did not bother going outside to look at the neglected pool with months of palm fronds lining the deck. This place did not work for them. But it could just as easily work for a buyer that likes the idea of buying an eight year old house with a big living area, a private pool and off street parking. So what if it needs painted and new appliances need to be purchased purchased. Most buyers paint over the previous owner's bad taste and smells anyway. CLICK HERE to view the Key West mls database and more photos of the house as it previously looked. Just below you can see some photos I took this weekend of the house and the neighbors.

1004 Packer Street is visible at the right rear

This is "the" view from front gate at 1004 Packer Street

The kitchen is missing appliances and needs painted

Living room and dining area need painted
Neighbors across street

Let there be no mistake about today's blog: I think this house could be a very good buy for a purchaser who wants a newer house with modern building concepts, off street parking, a private pool, and who does not mind the quirky Key West neighborhood. I also think this location might work very well as a vacation rental. The location is a quick walk to Duval Street and the Arts District. If this fits your buyer profile, please contact me, Gary Thomas, 305-766-2642 to arrange a showing. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

1 comment:

Anonymous said...

I can understand this property not working for a buyer back in 2003 but now it is a short sale. It needs a little TLC. I don't get some buyers today - a little work, you are going to paint anyway and who wants old appliances? Most buy new when they move. Are buyers crazy these days or what - it's a short sale so you have to expect it won't be perfect!


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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.