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Tuesday, April 26, 2011

525 Simonton Street - Old Town - Key West

525 Simonton Street - Old Town - Key West

I know the property at 525 Simonton Street pretty well. That is where I first worked when I got my real estate license in 1997. The real estate offices were on the main floor. The rest of the main building and the detached cottage were The Watson House Guest House. The prior owners did a very nice job of renovating the buildings. They operated the three unit guest house to capacity all year long. The current owners converted the previous office space into residential living space and condominiumized the property as a whole.

Fast forward to the present. This beautiful Key West landmark property is now a Short Sale. The listing Realtor describes the property this way:
"***Short Sale****The Watson House on Simonton is an historic estate beautifully renovated and restored. It is currently being managed as an upscale 3 unit guest house with excellent revenues streams year round. The home includes high ceilings, crown molding, large open floor plan with amazing covered decks overlooking the private pool. It also offers off street parking, and a separate guest house."
This property is located on Simonton Street between high-end Marquesa Hotel to the north and Sarabeth's to the south. It is one block off Duval Street. (Guests can find their way home even in the dark!) There is off street parking, a beautiful pool, and large suite like facilities as presently configured. A new owner might keep the rear cottage as an owner's unit and rent out the rooms in the main building. There are lots of possibilities on this property.

Off street parking-in Old Town!

The asking price on this property was just reduced to $1,999,000. This dear Readers, is a bargain in my opinion. If you have been looking for a guest house and have been dismayed by the high asking prices, condition, location, or all three, this may be a workable and bankable alternative.

Please contact me, Gary Thomas, 305-766-2642 or send me an email at for more information on this property. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Turn this short sale into a big opportunity.

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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.