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Friday, March 18, 2011

1121 Watson Street #2 - Key West - Short Sale

1121 Watson Street #2 in March 2011
1121 Watson Street #2 in 1965

Just listed, but not by me, 1121 Watson Street Unit #2 in the Conch Grove Compound in Old Town Key West. The listing agent describes the property this way:
"Renovated cigar makers cottage tucked away in a charming gated old town compound. Eleven homes share an extra large heated pool surrounded by mature tropical landscaping. Cottage was renovated in 2005. New roof in 2009. Move in condition. Just bring your flip flops and bathing suit to wile away the winter blues!! (Homes owned fee simple as part of a homeowners association.)"
The huge sunny pool is about 40 feet directly south of the front door

1121 Watson Street #2 is located two blocks west of White Street and two blocks south of Truman Avenue in the Conch Grove Compound which consists of several cottages and single family homes that share a large sunny and heated pool, gardens, and off street parking. The property is not a condominium. The owner of each cottage or house owns the ground under the property in fee simple. But all property owners share ownership of all of the common areas. Each cottage or house is unique. So the place does not look like a Disney version of Key West. It is the real thing. And I mean that in the most positive way. Writer James Kirkwood, co-author of "A Chorus Line", was one of the first homeowners in the Conch Grove Compound. Local author David Kaufelt used to live there as well. CLICK HERE to view the Key West mls database on this property.

1121 Watson Street #2 is a one bedroom one bath cottage that is offered as a short sale at the asking price of $299,000. The cottage is just 420 square feet in size plus 5' x 14' porch. The Monroe County Property Appraiser shows that it sits on a 25' x 58' (1422 sq ft) lot. I know this is a small property. That is why it is called a 'cottage'.

If you would like to see this property, please contact me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. This property will not last long at this price. Serious buyers need to act decisively.


Anonymous said...

Wildly overpriced.

Gary Thomas said...

"Wildly overpriced."

That is one person's opinion. A buyer looking for a Key West getaway that wants a pool, parking, and a nice clean place may think otherwise.


Anonymous said...

Not overpriced - not by a mile!

Gary where do these idiots come from? They certainly don't know the Key West market and my guess is back in Ohio or Iowa or whatever midwest fly over state they live in is hardly a fair way to judge living in paradise.

This isn't Kansas........!

Anonymous said...

and it is a nice property with all the bells and whistles required by a second homeowner. Very nice. Good street too.

Anonymous said...

It's funny how annonymous key west locals call others idiots for making valid points about overpriced homes. Come on, calling others idiots for stating the obvious isnt going to help your house sell at 2007 price points.

Anonymous said...

Right. It's priced at $750 per square foot. Doesn't sound very reasonable in today's market.

Anonymous said...

The idiot will be the person who pays this much

Gary Thomas said...

Calling people with opinions "idiots" is counter productive. It only baits people.

The fact is that small houses sell for a higher price per square foot just about anywhere in the country-not just Key West.

The fact is a buyer could buy this little house, use it for the week, the month, the season, and go back up north for the summer and fall and leave the place alone. It is a perfect small getaway place. It won't work for people with big families and lots of friends who want to stay over. A writer, a poet, an artist could be very happy here.

I could find just two small houses that sold in the past six months. They averaged 577 sq ft and sold for $629 per sq ft in today's market.

The problem locals and internet gurus have with Key West pricing is the relucatance to appreciate the fact that Key West houses are different from the rest of America. Many, like this tiny place, are so unique that they don't fit inside our expectation of pricing on a per sq ft basis.

For the buyer who wants "value" I found a similar house priced at $55,000. It is located in Ballard Vermont.

If you want a place in Key West, you need to pay Key West prices. They may not be what you want to spend. You have the choice not to buy. Or to go to Vermont. It isn't a bad second choice.


Anonymous said...

I agree Gary - if you want to live in Key West, you will pay the price for paradise. It is unfortunate that most posters here have not realized this fact. They want to compare Key West to their own hometown and that is just not the case.

An education on this island is needed and Gary is here to show some of the best properties for sale in our market.

Many of us appreciate your insight. But as you say, they can go off to Vermont to buy if they like. Or stay at home and dream about what it is like to live here. Either way, it is their choice.

From a lifelong and very proud Key West Conch!

Anonymous said...

"From a lifelong and very proud Key West Conch!" - Who has much to lose if Key West real estate sells for what it is worth (yes it is higher than Vermont but most of these are rickety old shacks in a flood and hurricane prone area).

Anonymous said...

Why would they have anything to lose? If they have lived there all their life, what makes you think they would leave paradise?

I just don't get some of the ramblings on this post. I guess there are some very envious people around the country who have been burned or shut out of the market and are wishing ill upon others.

I pity those poor individuals stuck up north in the cold, snow, tornado and other such places. They should move to Key West where we have gorgeous weather and beautiful homes to go along with our wonderful loving people.

Peace out dudes - you only wish you could be me, living the dream in the Florida Keys!

Anonymous said...

Conch Grove compound is not even in a flood zone and this cottage is not "rickety"...old yes, but that's why it has character. I own in this compound and love it, one of the best pools on the island (google earth it), much more space and open sky than most private pools on the island. Another cottage in the compound is currently under contract and will go to closing shortly, look for sale price in the paper and you'll see that $315K is a steal for this cottage.

Anonymous said...

Like I said, it is the envy of those up north to put down our homes as 'old' or 'rickety' or trying to base an argument on hurricanes or flood issues.

Jealous people have issues all their own and I, as a proud Conch, refuse to bait them.

Let them buy up north in their own small town and keep their small minds out of our paradise. They have no idea what they are missing!

Gary Thomas said...

The unit a reader commented on actually 'closed' today. The price paid for the 2/2 858 (more than twice as large!) was $525,000 or $612 per sq ft.

That would be a good comp if I represented a buyer because it is close and recent. (But still twice as big.)



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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.